Oil prices edged higher Wednesday in Asian trading as the dollar weakened slightly against the euro, but traders said the market will remain volatile and dictated by supply concerns and the currency movement.
Midday in Singapore, light, sweet crude for July delivery was up 57 cents to $132.00 a barrel in electronic trading on the New York Mercantile Exchange.
That came after the contract sank $3.04 to $131.31 a barrel Tuesday on a recovery in the dollar and prospects of slower demand after the U.S. government slashed its oil consumption projections.
