Oil Prices Supported By Shrinking Inventories

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures traded in a sideways-to-lower range early in the week, but momentum shifted on Thursday, driving prices to their highest levels in two weeks. The movement in the U.S. Dollar had the most impact on the markets, but there was enough meat on the bones of the government’s weekly inventories report to generate some upside volatility. A rising U.S. Dollar put pressure on demand for dollar-denominated crude at times. The dollar was supported by the minutes of the Federal…

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