Oil prices were marginally higher in Asian trade Wednesday, attempting a rebound after sharp losses of nearly 3% in the previous session on the back of a strong U.S. dollar. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $58.35 a barrel at 0324 GMT, up $0.32 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.15 to $63.87 a barrel. However, strength in the greenback continues to weigh on oil prices. Market participants have raised concerns about the inability of the oil market to sustain its latest price rally. “At least for the time being, the strength in the U.S. dollar has called attention away from declining U.S. petroleum inventories,” analyst Tim Evans at Citi Futures said. He said while the upcoming meeting of the Organization of the Petroleum Exporting Countries in early […]