Oil steadied near a record high on Wednesday as renewed weakness in the U.S. dollar countered a larger-than-expected rise in fuel inventories in the world's largest consumer.
Investors have been pouring money into commodities to hedge against inflation and the dollar, which sank to a record low against the euro. Oil fell earlier as U.S. data showed rising crude and gasoline stocks.
"The crude oil uptrend is so strong it will not die easily. The weak dollar is part of why futures have so far not fallen further after the data," said Tom Bentz, analyst at BNP Paribas Commodity Futures.
That leads to our Reader Poll. Do you think the price of crude has peaked?
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