By Jeslyn Lerh
Singapore (Reuters) – Oil prices got stuck on Wednesday, stimulated by a weaker dollar, but the fears of the fears for an American economic delay and the impact of rates on global economic growth.
Brent -Futures rose 13 cents, or 0.2%, to $ 69.69 per barrel at 0730 GMT, while the American West Texas intermediary rough futures won 13 cents, or 0.2%, up to $ 66.38 per barrel.
Despite the weakening economic prospects, oil was stable in a positive position, said Daniel Hynes, senior commodity strategist at Anz. “That is a sign that the demand for crude oil remains strong in the short term,” he said.
The Dollar Index, which on Tuesday falled 0.5% to verse 2025 Lows, increased oil prices by making crude oil cheaper for buyers who entail other currencies. [USD/]
“Relating dollars against the bearish bias of global economic delays, although this seems short -lived,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
US stock prices, who also influence the oil market, fell again on Tuesday, which contributed to the biggest sale in months, with investors rattling about increased rates for import and acidification of consumer sentiment.
“The general sentiment remains fragile despite a slight bouncing in today’s session,” said Yeap Jun Rong, market strategist at IG.
“For the time being, the oil market sentiments will probably remain restricted, whereby the tariff developments are still not missing clarity and persistent concern about American growth risks,” YEAP added.
The protectionist policy of US President Donald Trump has shaken global markets. He imposed the rates and subsequently delayed large oil suppliers Canada and Mexico, while he also raised tasks on China, thereby supplementing retaliation measures.
During the weekend, Trump said that a “transition period” was probably and refused to exclude an American recession.
In the offer, the production of crude oil of the US is ready this year to establish a larger record than previous estimates, with an average of 13.61 million barrels per day, the US Energy Information Administration said Tuesday.
Investors are waiting for the American inflation data that owes instructions on the path of interest rates on Wednesday. They also keep a close eye on the OPEC+ plans. The producer group has announced plans to increase the output in April.
In the US, stocks of crude oil rose with 4.2 million barrels in the week on 7 March, the market sources said, referring to the figures of the American Petroleum Institute on Tuesday.
Markets are now waiting for government data about American stocks that appear on Wednesday for further commercial instructions.
(Reporting by Nicole Jao in New York and Jeyn Lerh in Singapore; Edit by Himani Sarkar, Jamie Freed and Michael Perry)
