Crude oil prices were flat Wednesday morning, pausing after recent gains despite signs the dollar has topped out.
A run to 12-year highs for the dollar weighed on commodities for the past few months, but prices have risen this week as the buck relented versus the euro.
Hopes for increased demand and another few months of zero interest rates in the U.S. have also boosted commodities including oil.
U.S. crude oil was down 3 cents at $47.08 a barrel on the New York Mercantile Exchange, staying well away from last week’s 6-year lows near $42.
That’s despite further evidence that U.S. inventories are rising to unprecedented levels. Late Tuesday, the American Petroleum Institute said its data for last week showed a 4.8-million-barrel gain in crude-oil supplies.
Official inventories figures from the U.S. government are due out this morning.
The material has been provided by InstaForex Company – www.instaforex.com