FX.co ★ Oil Recoups Losses As Dollar Weakens

Oil prices were little changed on Thursday after three days of losses.

Benchmark Brent crude futures were virtually unchanged at $92.64 a barrel, erasing early losses. WTI crude futures also traded flat at $85.84.

Prices steadied as investors awaited direction from U.S. inflation data later in the day that could show some moderation from a peak set during the summer.

The U.S. dollar inched lower in European trade, helping offer some respite for oil prices.

Meanwhile, China is battling a rebound in COVID-19 infections, with millions of residents in China's manufacturing hub of Guangzhou currently on the verge of a major lockdown.

China's capital city Beijing is also grappling with a surge in infections and more restrictions.

On Wednesday, official data from the U.S. showed an increase in crude oil inventories, indicating weak demand for the commodity.

Data released by U.S. Energy Information Administration (EIA) showed crude stockpiles surged 3.9 million barrels last week to 440.8 million barrels.