Oil Dips As Robust Dollar Offsets Stock Drawdown
NEW YORK, July 30 (Reuters) - Crude futures settled down on Thursday, pressured by a rally in the dollar which countered bullish sentiment from a drawdown in U.S. stockpiles that was much steeper than expected.
Position squaring ahead of the expiry of the front-month contracts in gasoline and diesel also diverted some investor attention from crude, brokers said.
Oil has slid more than $10 a barrel over the past month. Global benchmark Brent neared a six-month trough earlier this week and U.S. futures neared four-month lows, pressured by a global glut, a resurgent dollar and China's tumbling stock market.
Oil prices got support on Wednesday after U.S. government data showed an unexpectedly large weekly draw of more than 4 million barrels of crude, or at least 20 times what analysts expected.
The market rose the positive wave from the data higher again early on Thursday, advancing by up to 1 percent before gains unraveled in afternoon trade.
Brent settled down 7 cents, or 0.1 percent, at $53.31 a barrel.
U.S. crude closed lower by 27 cents, or 0.6 percent, at $48.52.
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