Oil flat as weaker dollar offsets surge in U.S. gasoline stocks | Reuters

Oil flat as weaker dollar offsets surge in U.S. gasoline stocks | Reuters

Oil prices were little changed on Thursday as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels.

Brent futures remained unchanged at $63.16 a barrel by 2:00 p.m. EDT (1800 GMT), while U.S. West Texas Intermediate (WTI) crude fell 27 cents, or 0.5%, to $59.50.

“Crude prices are struggling for direction as short-term COVID pressures are countered by a much weaker U.S. dollar,” said Edward Moya, senior market analyst at OANDA in New York.

The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.

A weaker dollar makes oil cheaper for holders of other currencies, which usually helps boost crude prices.