Oil Shrugs Off Higher US Crude Stocks, Strong Dollar

LONDON—Oil prices held steady on Thursday after rising above $80 a barrel this week, shrugging off bearish factors such as rising U.S. crude oil inventories and a strong dollar amid consensus that a supply deficit will stay for coming months. Brent crude for November delivery was up 21 cents at $78.85 a barrel by 0856 GMT on its expiry day while December loading crude was at $78.35. U.S. oil rose 32 cents to $75.15 a barrel. U.S. oil and fuel stockpiles increased 4.6 million barrels in the week to Sept. 24 to 418.5 million, the U.S. Energy Department’s Energy Information Administration (EIA) said on Wednesday. In another typically bearish development, the U.S. dollar held near one-year highs, making oil more expensive for holders of other currencies. But expectations of a continued supply deficit supported prices. Citigroup is forecasting oil balances to be in a 1.5 million-barrel-per-day deficit on average over …

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