West TX Oil Holds Above $93 on Falling U.S. Crude Stocks

U.S. oil futures steadied above $92 a barrel on Friday and were heading for a modest gain for a second week in a row on falling U.S. crude stocks, but investors were keeping an eye on the firmer dollar which has weighed on both commodities and equities.

U.S. crude for November delivery was up 5 cents at $92.58 a barrel by 0033 GMT. The contract was up 0.2 percent for the week following gains in recent sessions spurred by an unexpected decline in U.S. crude stockpiles.  Brent oil gained 3 cents at $97.03 per barrel. It is down 1.4 percent so far for the week amid ample global oil supplies.

The dollar is trading near four-year highs against a basket of currencies and is on track to stretch gains to an 11th week in a row as the U.S. economy picks up and expectations rise that the Federal Reserve will start raising borrowing cost next year. A firmer greenback makes dollar-priced commodities such as oil more expensive for buyers using other currencies.

CNBC

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