FX.co ★ Oil Prices Tad Higher After Recent Losses

Oil prices were a tad higher on Thursday after six consecutive sessions of losses. A weaker dollar offered some support after the minutes from the FOMC meeting came in line with expectations.

Benchmark Brent crude futures rose 0.3 percent to $80.83 a barrel, while WTI crude futures were up 0.3 percent at $74.19.

The dollar held shy of multi-week peaks, making oil slightly cheaper for those holding other currencies.

The U.S. currency consolidated within a tight range after minutes from the latest Federal Reserve meeting showed a broad consensus among the central bank officials to continue raising rates to bring inflation down to their 2 percent target.

There are signs inflation is coming down, but not enough to counter the need for more rate rises, the minutes showed.

Investors also reassessed prospects for supply and demand amid signs of further crude inventory builds.

The American Petroleum Institute, an industry group, reported that U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, versus forecasts for a 2.1-million-barrel build.

The Energy Information Administration's report on oil inventories for the week ended February 17th will be released later in the day.