By Laura Sanicola
(Reuters) -Oil prices settled up 2% on Thursday on expectations of steep cuts to Russian production next month, however a stronger dollar and a sharper-than-anticipated soar in U.S. inventories added to demand concerns.
Brent low futures settled up $1.61, or 2%, to $82.21 a barrel, as compared with about $98 a barrel on the eve of Russia's invasion of Ukraine a year ago.
West Texas Intermediate low futures (WTI) settled up $1.44, or 2%, to $75.39 a barrel, ending a sixth session losing hasten.
Prices got an early enhance from Russia's plans to minimize oil exports from its western ports by as much as 25% in March, exceeding its introduced production cuts of 500,000 barrels per day.
While a stronger dollar stays a reach-timeframe headwind for low, UBS analysts talked about they interrogate decrease Russian production and China's reopening to tighten the oil market and enhance prices.
The dollar index rose for the third straight session, after minutes on Wednesday from the latest U.S. Federal Reserve assembly showed a majority of Fed officials agreed the risks of high inflation warranted extra payment hikes.
A stronger dollar makes dollar-denominated oil more pricey for holders of different currencies, hitting demand. Both oil benchmarks misplaced bigger than $2 within the old session after beginning of the Fed minutes.
Oil prices furthermore came below strain after U.S. executive recordsdata showed the nation's low oil inventories rose for the ninth time in a row closing week, stoking demand worries.
U.S. low stockpiles rose by 7.6 million barrels within the week to Feb. 17, the U.S. Vitality Recordsdata Administration talked about, bigger than triple analyst expectations for a 2.1 million-barrel upward push. [EIA/S]
"With appreciate to strain coming from the Federal Reserve on demand and warming climate within the U.S. and Europe there could be total field about the demand aspect," talked about Tony Headrick, vitality market analyst at CHS Hedging.