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Crude prices gain as U.S. dollar tumbles

Xinhua, December 4, 2015 Adjust font size:

Oil prices rose Thursday as U.S. dollar depreciated against other currencies. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The U.S. dollar dived against most major currencies Thursday after the European Central Bank (ECB) announced stimulus fell short of market expectations.

The ECB on Thursday cut the rate of its key interest rates from negative 0.2 percent to a negative 0.3 percent, missing traders' expectation of a more aggressive loose monetary policy.

Traders are closely watching the next meeting of the Organization of the Petroleum Exporting Countries scheduled to be held in Vienna, the Austrian capital, on Dec. 4.

OPEC maintained it output quota of 30 million barrels per day at June's meeting. The cartel's output accounts for around 40 percent of the global crude output.

The West Texas Intermediate for January delivery moved up 1.14 U.S. dollars to settle at 41.08 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 1.35 dollars to close at 43.84 dollars a barrel on the London ICE Futures Exchange. Endit