Singapore — Oil prices were stable on Friday, weighed down by a stronger dollar but supported by signs fuel markets are balancing after two years of oversupply. The dollar rose to its highest level since March against a basket of other leading currencies on Thursday, potentially crimping demand as fuel becomes more expensive for countries using other currencies. US West Texas Intermediate (WTI) crude was trading at $50.62 a barrel at 12.50am GMT, 1c below its last settlement. International Brent crude oil futures were up 3c at $51.41 a barrel. Crude prices fell more than 2% the previous session on the back of the soaring dollar. Despite the falls, overall sentiment in oil markets was confident as financial investors are still keen to pour more money into crude futures, and there are also mounting signs of a tightening physical oil market. "The near-term fundamentals in the oil market have turned positive. Demand is stabilising, Opec production has peaked (and will fall if cuts are i...
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