Oil prices tick down on stronger U.S. dollar

Oil prices dipped Thursday as the U.S. dollar appreciated against other currencies, making the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The U.S. dollar increased against most major currencies on Thursday as the country's initial jobless claims touched multi-year low. The dollar index, which measures the greenback against six major peers, rose 0.15 percent at 94.630 in late trading.

In the week ending April 16, the advance figure for seasonally adjusted initial claims was 247,000, a decrease of 6,000 from the previous week's unrevised level of 253,000, the U.S. Labor Department reported Thursday.

This is the lowest level for initial claims since Nov. 24, 1973, when it was 233,000.

Meanwhile, U.S. crude supplies of last week gained 2.1 million barrels to 538.6 million barrels, 49.6 million barrels more than one year before, according to the Energy Information Administration's weekly report released Wednesday.

The West Texas Intermediate for June delivery moved down 1 U.S. dollar to settle at 43.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 1.27 dollars to close at 44.53 dollars a barrel on the London ICE Future Exchange. Enditem