NEW YORK: Brent oil edged up in choppy trading, seesawing with the US dollar as crude futures tried to rebound after coming under pressure from weaker gasoline in the previous session.
Oil analysts said the dollar indexdrew pressure and crude received an early lift after Charles Evans, the Chicago Federal Reserve president, said in a speech that the Fed “will provide the monetary accommodation necessary to close the large resource gaps that currently exist.”
But Brent briefly turned lower as the dollar index recovered from earlier weakness and after US stock futures declined, helping to turn European stocks weaker.
“The dollar index recovered after being lower and the stock market futures pulled back, helping crude oil pare gains,” said Phil Flynn, analyst at Price Futures Group in Chicago.
Brent February crude rose 28 cents to $110.92 a barrel by 1627 GMT, having seesawed either side of the 100-day moving average at $111.02. The Brent February contract expires on Wednesday.
US February crude was down 10 cents at $93.46 a barrel, having swung from $92.95 to $94.29.
Brent edges up in choppy trading
