Everybody focuses on a global supply oil gut. Oil
prices swung between gains and losses in North American trade on Thursday, as a
broadly weaker U.S. dollar boosted the appeal of dollar-denominated commodities.
The prospect of less U.S. interest rate hikes this
year according to United States Federal Reserve
Chair Yellen drove the dollar down against its major
rivals..
Oil
prices typically strengthen when the U.S. currency weakens as the dollar-priced
commodity becomes cheaper for holders of other currencies.
Yesterday the U.S.
Energy Information Administration said in its weekly report that crude oil inventories rose
by 2.3 million barrels last week to an all-time high of 534.8 million barrels,
underlining concerns over a domestic supply gut.
Saudi
Arabia and fellow OPEC members Qatar and Venezuela agreed with non-OPEC member
Russia to freeze output at January levels, provided other oil exporters joined
in.
OPEC
member Iran is expected to attend an oil producers meeting in Doha on April 17
to discuss an output freeze, although it may not necessarily partake in
negotiations.