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Oil prices extend gains on weaker U.S. dollar

Xinhua, August 19, 2016 Adjust font size:

Oil prices rose for a sixth straight session Thursday as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies.

The U.S. dollar declined against other major currencies on Thursday as investors believed that the possibility of a September rate hike becomes lower following the release of the Federal Reserve's dovish minutes for its July meeting.

The dollar index, which measures the greenback against six major peers, was down 0.59 percent at 94.159 in late trading Thursday.

Meanwhile, U.S. oil inventories fell 2.5 million barrels last week, surprising analysts who had expected a build of 522,000 barrels, according to the Energy Information Administration' s weekly report Wednesday.

The West Texas Intermediate for September delivery increased 1.43 dollars to settle at 48.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 1.04 dollars to close at 50.89 dollars a barrel on the London ICE Futures Exchange. Endit