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 The dollar hit a fresh 12-year high against the euro, gaining more
than 1 percent to trade at $1.0561 against the single currency. The
dollar index has rallied by 25 percent since last May, making
commodities priced in the greenback more expensive for holders of
other currencies.
Russia's crude oil exports are also set to rise this year, Energy
Minister Alexander Novak said, despite some expectations of a plunge
in production due to lower prices following the crash from above
$100 a barrel last year.
"We expect more downward pressure today," said Phillip Futures oil
analyst Daniel Ang in Singapore, after Brent fell more than 3
percent on Tuesday.
Brent for April delivery <LCOc1> hit a one-month low of $55.92 a
barrel before recovering to trade unchanged on the day at $56.39 by
7.26 a.m. EDT. It dropped $2.14, or 3.66 percent, in the previous
session.
West Texas Intermediate for April delivery climbed 24 cents to
$48.53 a barrel, after falling $1.71, or 3.42 percent, on Tuesday.
Its discount to Brent was at $7.86 a barrel, close to its narrowest
in a month.
The U.S. crude benchmark took some support from a surprise drop in
crude stocks in the world's largest oil consumer last week, with the
American Petroleum Institute reporting a 404,000-barrel fall late on
Tuesday. Analysts had expected a 4.4-million-barrel build.
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Despite the draw, crude stocks rose by 2.2 million barrels at the
Cushing, Oklahoma delivery point of the WTI contract, the API said,
keeping price gains in check.
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