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Oil prices rise on weaker dollar

Xinhua, July 2, 2016 Adjust font size:

Oil prices climbed on Friday as a weaker U.S. dollar increased investor sentiment, which makes the dollar-denominated oil more attractive for holders of other currencies.

Oil prices rose on a weaker U.S. dollar on Friday. The dollar index, which tracks the greenback against six major peers, was down 0.43 percent at 95.725 in late trading.

Crude prices were also supported as recent data showed U.S. crude inventories had dropped for a consecutive sixth week. The Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories fell 4.1 million barrels to 526.6 million in the week ending June 24.

The West Texas Intermediate for August delivery added 0.66 U.S. dollars to settle at 48.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 0.67 dollars to close at 50.35 dollars a barrel on the London ICE Futures Exchange. Enditem