Oil steady as strong dollar balances US stocks draw

Oil prices steadied on Thursday after a larger-than-expected draw in US crude and gasoline stocks was balanced by a stronger dollar, making fuel more expensive for holders of other currencies. Benchmark Brent crude oil LCOc1 was up 30 cents a barrel at $53.68 by 0805 GMT, after settling 8 cents higher in the previous session. US crude CLc1 was down 1 cent at $48.78, after ending the previous session up 81 cents, or 1.7 per cent. Oil prices have more than halved over the last year as key Middle East producers have pumped near record levels, creating a huge oversupply and filling storage tanks around the world. US crude stockpiles fell by 4.2 million barrels in the week. Gasoline dropped by 363,000 barrels. Dutch Bank ABN AMRO on Thursday cut its crude oil price forecasts for 2016 due to expectations of a global supply glut. It expects Brent to average $65 a barrel in 2016, down from $75 in its previous forecast, according to Reuters.

-SRS