BEIJING: Oil seesawed between modest falls and gains on Wednesday as traders weighed the impact on prices stemming from escalating geopolitical tensions, concerns over tepid demand and a stronger dollar, according to Reuters.
The front-month March contract for Brent crude rose 4 cents to $79.59 a barrel at 10:12 a.m. Saudi time. US West Texas Intermediate crude also ticked up 4 cents to $74.41 a barrel.
US crude stocks fell by 6.67 million barrels in the week ended Jan. 19, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories, however, increased by 7.2 million barrels, stoking concerns over fuel demand in the world’s top oil consumer.
The Energy Information Administration, the statistical arm of the US Department of Energy, will release the data later on Wednesday.
A stronger US dollar also weighed on oil prices as demand from buyers in other currencies ebbs as they have to pay more for dollar-denominated oil.
The dollar…