- Oil price trades with losses as the US Dollar strengthens on hawkish Federal Reserve speeches, US debt-ceiling uncertainty.
- Data showing a greater-than-expected rise in inventories weighs but is balanced by competing data showing rising global demand.
- Oil price is technically in a downtrend – but signs are building for a potential recovery.
Oil price suffers losses on Thursday, trading over a percentage point down at the time of writing, after the US Dollar – which Oil is primarily priced and traded in – makes gains and data from the Energy Information Administration (EIA) showed a larger-than-expected rise in inventories.
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