NEW YORK: Oil settled up about 3 percent on Wednesday as a weak dollar, fighting in Yemen and speculative buying boosted crude prices in spite of U.S. inventories building to record highs for an 11th week.
The dollar fell after disappointing U.S. durable goods orders for February. A weaker dollar makes commodities denominated in the greenback cheaper for holders of other currencies, typically boosting demand for such raw materials.
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