Oil Prices Are Increasingly Influenced By U.S. Economic Data

U.S. West Texas Intermediate crude oil futures finished lower on Thursday after giving up earlier gains. Helping to put a lid on prices was a rise in the U.S. Dollar, which strengthened after fresh economic reports suggested the Federal Reserve would have to raise rates for longer than previously anticipated. Sellers may have also been influenced by a massive build in U.S. crude oil stockpiles reported on Wednesday although prospects for a Chinese demand recovery likely offset this news. Traders Tracking U.S. Economic Reports Closely The price…