Oil prices rise amid dollar weakness

NEW YORK, May 19 (Xinhua) -- Oil prices climbed on Thursday, amid a slide in the U.S. dollar.

The West Texas Intermediate for June delivery added 2.62 U.S. dollars, or 2.4 percent, to settle at 112.21 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 2.93 dollars, or 2.7 percent, to close at 112.04 dollars a barrel on the London ICE Futures Exchange.

Prices found some support from a weaker dollar.

The dollar index, which measures the greenback against six major peers, fell 1.05 percent to 102.7240 in late trading on Thursday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

Also lending buoyancy to prices was market optimism that China would see a solid recovery in fuel demand.

Meanwhile, latest data showed an unexpected drop in U.S. crude stockpiles.

The U.S. Energy Information Administration (EIA) said Wednesday that the nation's crude inventories fell by 3.4 million barrels in the week ending May 13. Analysts surveyed by S&P Global Commodity Insights had expected the EIA publications to show a 2.1 million barrel rise in oil inventories.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In World

Italy's centre-left snatches victory from centre-right in local elections
EU countries to discuss options to jointly curb gas demand
Jury finds US cable company must pay millions in damages after employee’s murder of female customer
Crisis-hit Sri Lanka shuts schools, urges work from home to save fuel
US school officials say cellphones play a big role in student fights. Can districts regulate phones?
Germany's Scholz still deciding whether to attend G20 summit if Putin attends
North Korea says U.S. is setting up Asian NATO; vows stronger defence
US abortion ruling discussions turn contentious inside tech giants
Credit Suisse faces verdict in cocaine-cash trial
Fifty years on, London's Pride veterans remember 'empowering' first rally

Others Also Read