LONDON, Oct 9 (AFP): Oil prices drifted lower on Thursday, but held off recent lows as traders eyed the weaker dollar and awaited the latest economic data from top crude consumer the United States.
Brent North Sea crude for delivery in November dipped 23 cents to stand at $91.15 a barrel around midday in London compared with Wednesday's close.
US benchmark West Texas Intermediate (WTI) for November dipped one cent to $87.30 a barrel.
The market will later focus on US weekly jobless claims data for the latest reading on the health of the US economy.
"Trading activity remains subdued and we could see sideways to lower trading levels" ahead of the data, said Sucden brokers analyst Kash Kamal.
New York crude had dropped to an 18-month low of $86.83 a barrel on Wednesday after the US petroleum inventory report showed mounting stockpiles. That was the lowest level since mid-April 2013.
Brent meanwhile tumbled to $90.57, a low point last reached on June 25, 2012.
"Oil prices ... are recovering slightly from the lows they recorded yesterday," said Commerzbank analysts on Thursday.
"This is thanks to a considerably weaker US dollar following the publication of minutes of the last US Fed meeting that were interpreted as being less hawkish than anticipated."
Oil prices nudge lower
FE Team | Published: October 10, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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