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Oil prices flat after rebound

Tuesday, Feb 13 2018
Oil prices flat after rebound

Oil prices were flat on Tuesday, bouncing back from an early slide as the dollar fell to a one-week low, which encouraged buying of dollar-denominated crude at session lows. Global benchmark Brent futures hit a two-month low early, but by 2:02 p.m. EST (1902 GMT), Brent LCOc1 rose 11 cents to $62.70 a barrel. U.S. West Texas Intermediate crude futures CLc1 were down 9 cents at $59.20 a barrel.

The U.S. dollar .DXY hit a one-week low, which can attract investors to oil by making crude cheaper for buyers using other currencies. “We have chipped away at crude losses today, and you could easily say it’s a function of a weak dollar,” said Bob Yawger, director of energy futures at Mizuho. Since the stock market began falling sharply early this month, oil prices have wiped away the year’s gains amid a volatile stock market.

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