Singapore — Oil prices were stable on Friday, held back by a strengthening dollar but supported by China’s relentless thirst for crude amid the Opec-led supply cuts that have already tightened the market this year. US West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 4.07am GMT, virtually unchanged from their last settlement at $56.69. Brent crude futures, the international benchmark for oil prices, were also little changed, at $62.21 a barrel, up just 1c. Traders said a stronger dollar, which has gained 0.8% this month against a basket of other leading currencies, was weighing on prices. A rising greenback attracts financial traders who switch investments between commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies. "A strong dollar could act as a headwind to commodities," Bank of America Merrill Lynch (BoAML) sa...
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