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Oil Futures Ease in Asia as Strong Dollar, API Data Weigh

16 May 2018 4:03 am
 
   By Biman Mukherji 
 

--Oil futures narrowed their morning declines in Asia by midday Wednesday as the market is feels pressure from ongoing gains in the dollar and a downbeat inventory reading from the U.S.

--June light, sweet crude on the New York Mercantile Exchange was recently down 0.2% at $71.14 a barrel in the Globex trading session. July Brent eased 0.2% to $78.30.

--The dollar hitting repeated 2018 so far hasn't had much impact on crude, itself setting a series of 3 1/2-year highs even as U.S. output has been hitting repeated records. But an industry group's reading that U.S. oil supplies rose last week--a decline is expected in Wednesday's government report--helped pressure the market. That amid fresh rhetoric out of North Korea.
 

Write to Biman Mukherji at biman.mukherji@wsj.com
 

(END) Dow Jones Newswires

May 16, 2018 00:03 ET (04:03 GMT)

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