MTECHTIPS:-Oil rises after two-day fall, gains limited by stronger

MTECHTIPS:-Oil rises after two-day fall, gains limited by stronger dollar

MTECHTIPS-Oil prices edged up on Thursday after sharp falls in the previous two sessions, though gains were limited as some investors shied away from riskier assets amid volatile equity markets and a stronger dollar. Both global benchmark oil futures fell sharply on Wednesday after government data showed a larger-than-expected rise in U.S. crude inventories. U.S. West Texas Intermediate crude for April delivery (CLc 1) was up 13 cents, or 0.2 percent, at $61.77 a barrel by 0741 GMT. It settled the previous session down 2.2 percent. Brent crude (LCOc 1) for May delivery, the new front-month contract, was up 17 cents, or 0.3 percent, at $64.90. The April contract expired on Wednesday, down 1.3 percent. Both benchmark contracts fell nearly 5 percent in February, the first monthly declines in six months. “An extended large decline in equities has been prompting investors to avoid risk assets such as oil,” said Tomographic senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. Some industry sources said Wednesday’s drop was also due to profit-taking by market participants at the end of the month after oil hit a three-week high earlier this week. Meanwhile, oil has been under pressure as the dollar index (DXY) rose to a five-week high

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