A weakening of the dollar has led to a rise in oil prices signifying that the US crude glut is easing.
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Dollar decline sparks rise in oil prices
The prices rose on Thursday, April 30, 2015, after being given a further push by the weakening of the dollar against the euro.
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US benchmark West Texas Intermediate for June delivery rose $1.05 to $59.63 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for June delivery gained 94 cents to $66.78 a barrel in London.
Analysts said the oil market continued to react to Wednesday’s US Department of Energy inventory report, which showed a 500,000 barrel drop in petroleum stocks to 61.7 million barrels at the key Cushing, Oklahoma trading hub.
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“The oil price ‘wants’ to rise – this is the impression one is bound to gain if one looks at the events that have taken place on the oil market in recent weeks,” Commerzbank said.
The decline of the dollar boosts consumption of crude and other dollar-denominated commodities outside the US.
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