By Amrith Ramkumar and Christopher Alessi 

-- Oil prices inched higher Monday, boosted by a weaker dollar that makes commodities cheaper for overseas buyers.

-- West Texas Intermediate futures, the U.S. oil standard, were down 1.4% at $50.47 a barrel on the New York Mercantile Exchange.

-- Brent crude, the global oil benchmark, was trading down 0.4% at $60.02 a barrel on London's Intercontinental Exchange.

HIGHLIGHTS

Growth Fears: Lukewarm economic data around the world and a recent stock-market rout have caused anxiety that oil demand will be weaker than anticipated. After oversupply fears started the recent oil-price rout -- sending benchmarks down about 30% from their multiyear highs -- anxiety about consumption has now exacerbated recent swings in crude, analysts said.

"There's still an ugly flavor out here," said Donald Morton, senior vice president at Herbert J. Sims & Co., who oversees an energy trading desk. "No one is willing to step up and call it a bottom yet."

Many oil analysts now expect demand to grow less than previously expected, meaning supply could exceed demand even with a recent production cut by the Organization of the Petroleum Exporting Countries and its allies. Robust output figures from the U.S. and Russia also continue to pressure prices.

Negative Sentiment: Hedge funds and other speculative investors have pushed net bets that U.S. crude prices will climb to their lowest level since August 2016, according to Commodity Futures Trading Commission figures. Speculative interest in Brent has also been tepid, analysts say, leading to choppy trading that has frustrated traders in recent weeks.

"It's the combination of the uncertainty of whether the production cuts are enough and lingering doubts about demand growth," said Eugene McGillian, vice president of market research at Tradition Energy.

The move lower came even after a weaker dollar had helped buoy prices by making dollar-denominated oil cheaper for overseas buyers. The WSJ Dollar Index, which tracks the U.S. currency against a basket of 16 other currencies, fell 0.2%.

INSIGHT

OPEC+: Oil market participants continue to debate whether a decision to cut output by the Organization of the Petroleum Exporting Countries and its partner producers, led by Russia, will be enough to rein in a burgeoning supply glut and bolster prices.

As part of the deal, OPEC and its allies plan to curb crude production by a collective 1.2 million barrels a day starting next month. But while news of the deal initially bolstered crude by as much as 5%, prices have since retreated and are hovering around levels from before the OPEC+ agreement.

"The truth of the matter is that fresh OPEC+ cuts will not go far enough to overturn the incumbent supply surplus," said Stephen Brennock, analyst at brokerage PVM Oil Associates Ltd. "Accordingly, oversupply concerns will continue to stifle buying pressures," he added.

AHEAD

The U.S. Energy Information Administration Monday is slated to release its monthly drilling productivity report. The agency will also releases weekly U.S. oil inventory data Wednesday

Write to Amrith Ramkumar at amrith.ramkumar@wsj.com and Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

December 17, 2018 11:47 ET (16:47 GMT)

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