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Oil steadies near 2-week high as markets digest mixed inventory data
Oil prices moved little in early Asian trade on Thursday, sticking near two-week highs as markets gauged mixed signals on U.S. crude inventories, while also awaiting more cues on monetary policy from the Federal Reserve. Crude markets saw a strong run-up this week as interest rate cuts in China sparked some bets on a recovery in demand later this year. A surge in broader commodity markets also fueled bets on tighter oil supplies. Weakness in the dollar somewhat aided crude after Fed Chair Jerome Powell presented a less hawkish stance than some were expecting during a Senate testimony. Powell is now set to testify ... (full story)