International Brent crude futures LCOc1 were trading at $41.85 (Sh4,245) per barrel, up a mere 5 cents from their last close, and failing to retake and maintain $42 (Sh4,261). Oil prices edged up early on Wednesday, supported by a weaker dollar, but US crude futures remained below $40 (Sh4,058) per barrel and Brent was below $42 as ongoing fuel oversupply and stuttering economic growth weighed on markets. DXY since July highs, was lending oil markets some support by making fuel imports cheaper for countries using other currencies, potentially stoking demand. The US bank said the global economic outlook was also weak, potentially hitting fuel demand. Analysts said a weaker US dollar, which has shed 2.5 percent in value against a basket of other leading currencies.

Source: The Star August 03, 2016 00:33 UTC