Oil fluctuates as record U.S. exports buoy global demand outlook

​Oil fluctuated after the U.S. reported record exports of crude and fuel, while recent weakness in the dollar made commodities more attractive.

West Texas Intermediate traded in a narrow range near US$88 a barrel after gaining almost four per cent over the prior two sessions. Total U.S. petroleum exports hit 11.4 million barrels a day last week, government data showed. The surge came with domestic fuel inventories at historic seasonal lows, highlighting a tightening supply outlook.

The weaker dollar has also helped buoy crude. A Bloomberg gauge of the greenback -- which hit a record last month -- was little changed Thursday, trading near a three-week low, making raw materials priced in the US currency cheaper for overseas buyers.