Oil steady on U.S. stockpile decline, dollar drop

Oil prices steadied on Wednesday as a weaker dollar and lower U.S. crude stockpiles provided a modest bounce off six-year lows hit the previous session, when worries about China's plummeting currency and economic slowdown sank prices. Concerns that U.S. inventories could build again from higher crude imports and refinery outages kept a lid on the rebound. "The market needed a big drawdown to reverse the current trends and didn't get it," said Chris Jarvis, analyst at Caprock