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Oil Steadies; Canadian, Nigerian Supply Issues Offset Strong Dollar

stander
stander
in Oil, Gas and Energy News

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NEW YORK, May 19 (Reuters) - Oil prices settled largely unchanged on Thursday as worries about Canadian and Nigerian supply outages offset the impact of a stronger dollar, which has rallied on growing expectations the Federal Reserve will raise interest rates next month.


The prospect of a U.S. rate increase in June prompted investors earlier on Thursday to cash out of long positions in Brent and U.S. crude's West Texas Intermediate (WTI) futures. Those positions made money after oil rallied on Monday and Tuesday on worries about supply outages


http://www.downstreamtoday.com/news/article.aspx?a_id=52232


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