Crude oil prices held steady as a risk-on mood across broader markets and a weaker dollar countered fears of rising US supply. The market's focus shifted from inventory data to macroeconomic sentiment, with traders weighing geopolitical risks against production trends. This stability suggests investors are looking beyond immediate glut concerns.

The dollar's decline makes dollar-denominated commodities like oil cheaper for foreign buyers, often supporting prices. Meanwhile, a risk-on environment in equities and other assets can spill over into commodities, as investors seek growth. This dynamic highlights how oil's fate is increasingly tied to global financial currents, not just fundamental supply and demand.

Looking ahead, the market will closely monitor upcoming OPEC+ production decisions and US inventory reports. Any sustained rally will depend on whether the dollar's weakness persists and if risk appetite holds. Traders are also watching for signs that supply growth from non-OPEC producers is slowing, which could provide a firmer price floor.