Strong greenback, US reserves, stall 5-week oil rally

London

WORLD oil prices have snapped a five-week run of gains on the back of the strong US dollar and soaring US crude stockpiles that have worsened the global supply glut.

The market began last week on the front foot, extending recent sharp gains on revived optimism that producers would strike a deal to freeze output levels.

Crude futures held steady last Tuesday, showing little impact from triple suicide bombing attacks in Brussels that left 31 dead and 300 injured in the Belgian capital.

Gold however won a brief boost as investors sought the traditional haven investment amid heightened anxiety over Brussels, but fell over the course of t…