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Oil prices rise on weaker dollar

Xinhua, July 15, 2016 Adjust font size:

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

The U.S. dollar went down against most major currencies on Thursday. The dollar index, which tracks the greenback against six major peers, was down 0.17 percent at 96.051 in late trading.

In the previous session, oil prices dropped as much as 4 percent to two-month lows as government data showed U.S. gasoline stockpiles unexpectedly increase last week.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. gasoline supplies of last week added 1.2 million barrels. Meanwhile, U.S. crude supplies lost 2.5 million barrels to 521.8 million barrels, higher than market consensus of a 3-million barrels decline.

The West Texas Intermediate for August delivery added 0.93 U.S. dollars to settle at 45.68 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 1.11 U.S. dollars to close at 47.37 U.S. dollars a barrel on the London ICE Futures Exchange. Endit