Oil bounces around, settles up despite strong dollar, near US$83

Brent crude has gained more than 60% this year and hit a three-year high of $86.70 on Oct. 25.

NEW YORK: Oil prices settled slightly higher on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.

Brent crude futures settled up 25 cents to $81.59 a barrel after falling during the session to $81.66. U.S. West Texas Intermediate (WTI) futures were up 23 cents to $82.87, bouncing off the session low of $80.20.