Oil steadies near $110/bbl; strong dollar offsets supply worry | Reuters
Oil prices steadied on Thursday, under pressure from a stronger dollar and a drop in global stock markets while supported by supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.
Brent futures rose 42 cents, or 0.4%, to $110.56 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose 3 cents to $107.84.
The U.S. dollar
A strong dollar makes oil more expensive for holders of other currencies.
Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation. read more read more
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