WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Thursday, recovering slightly after dropping to one-month closing low on Wednesday.
Recent data showing a larger than expected drop in crude inventories in the U.S., and expectations that Saudi Arabia will extend its voluntary production cut into the next month supported oil prices.
West Texas Intermediate Crude oil futures for October ended higher by $0.16 or about 0.2% at $79.05 a barrel.
Brent crude futures settled at $83.36 a barrel today, gaining $0.15 or about 0.2%.
Oil's upside was limited as the dollar surged higher amid speculation the Federal Reserve might hold interest rates higher for longer.
Worries about the outlook for fuel demand following disappointing August PMI data signaling weaker economic activity in Asia, Europe and the U.S., contributed as well to the limited upside in oil prices.
The focus is on Federal Reserve Chair Jerome Powell's speech at the Jackson Hole on Friday.
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