The price of oil moved slightly lower Thursday morning, but remained relatively resilient in the face of US dollar strength and yesterday's unexpected build in crude stockpiles.
Crude for April was down $0.70 at $79.30 a barrel, having been unable to sustain above $80 in repeated attempts over the past week.
The dollar came within a whisker of a new 9-month peak versus the euro today, touching $1.3450.
Still, oil prices have found support amid a draw down in gasoline stockpiles. On Wednesday, Federal Reserve Chairman Ben Bernanke reiterated predictions that interest rates would remain extremely low for an extended period, generating renewed faith in US demand for energy products.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.