Oil steady despite higher U.S. inventories and strong dollar | Reuters
Oil prices held steady on Thursday after rising above $80 a barrel this week, with bearish factors such as rising U.S. crude inventories and a strong dollar countered by an expected supply deficit over the coming months.
Brent crude for November delivery slipped in and out of positive territory during the session. The contract was down 21 cents at $78.43 a barrel by 1107 GMT on its expiry day while December loading crude was at $77.92. U.S. oil dipped 18 cents to $74.65.
U.S. oil and fuel stockpiles increased by 4.6 million barrels to 418.5 million barrels in the week to Sept. 24, the U.S. Energy Department's Energy Information Administration (EIA) said on Wednesday.
In another typically bearish development, the U.S. dollar held near one-year highs, making oil more expensive for holders of other currencies.
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