SINGAPORE: Oil prices were mixed in Asia on Tuesday as dealers weighed a strengthening US dollar with ongoing geopolitical tensions in the crude-rich Middle East, analysts said.
US benchmark West Texas Intermediate gained one cent to $50.01 while Brent eased eight cents to $58.45.
Singapore’s United Overseas Bank said oil remained under pressure as a stronger US dollar was “offsetting geopolitical tensions and the threat of output cuts in Libya and Iraq”.
The greenback has soared after Friday’s upbeat US jobs report for February boosted expectations for an early interest rate hike.
The dollar stood at 121.68 yen on Tuesday, a three-month high and up from 121.15 yen on Monday.
A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand and pushing prices lower.
