West TX Oil Near $53 on Weaker Dollar

U.S. crude futures climbed towards $54 a barrel in early Asian trade on Wednesday, buoyed by a smaller than expected build in U.S. crude inventories, Middle East tensions and a weaker dollar.

U.S. crude for May delivery rose 15 cents to $53.44 as of 0003 GMT after settling $1.38 higher in the previous session to surge above its 100-day moving average of $52.96.

Brent crude for May delivery climbed 31 cents to $58.74 after rising 50 cents in the previous session. The Brent contract expires on Wednesday.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.