Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar

Oil steadied in early Asian trade as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. | Reuters

Brent crude futures were unchanged at $78.28 a barrel at 0020 GMT. West Texas Intermediate U.S. crude fell 6 cents, or 0.1 percent, to $72.91 a barrel.Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and imports fell to a two-year low, the U.S. Energy Information Administration said on Wednesday.

Crude inventories fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 100,000-barrel rise.

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