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Oil prices rise amid falling dollar

Xinhua, October 9, 2015 Adjust font size:

Oil prices gained Thursday as weaker dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The U.S. dollar decreased against most major currencies Thursday as investors were digesting the newly released Federal Reserve minutes from its latest meeting.

Oil prices were also boosted by the upbeat remarks from the Organization of the Petroleum Exporting Countries (OPEC).

World oil demand is estimated to increase by 1.5 million barrels per day in 2015, higher than the initial projection, El-Badri, secretary-general of OPEC, said in a statement to the International Monetary Fund (IMF).

Data from oil service company Baker Hughes released last Friday showed that the number of active U.S. oil-drilling rigs lost 26 to 614 this week. The rig data supported the market as traders believed that U.S. oil companies continued to cut the expense in face of the low oil prices.

The West Texas Intermediate for November delivery moved up 1.62 dollars to settle at 49.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 1.72 dollars to close at 53.05 dollars a barrel on the London ICE Future Exchange. Endit