Oil bounces around, settles up despite strong dollar, near $83/barrel | Reuters
Oil prices settled slightly higher on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.
Brent crude futures settled up 25 cents to $81.59 a barrel after falling during the session to $81.66. U.S. West Texas Intermediate (WTI) futures were up 23 cents to $82.87, bouncing off the session low of $80.20.
The energy complex traded higher toward the end of the session on confidence that post-pandemic demand would strengthen further in the coming months.
"Fresh highs lay ahead as the ingredients needed to place a top in this market remain elusive, namely global oil demand exceeding new production," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.
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