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Oil prices rally on weaker U.S. dollar

Xinhua, September 13, 2016 Adjust font size:

Oil prices ended higher Monday as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies.

The U.S. dollar tumbled on Monday as dovish remarks by a key Federal Reserve official reduced expectations for a rate hike this month.

Fed Governor Lael Brainard, a voting member of the central bank's policymaking committee, said in a speech in Chicago on Monday that while economic progress continues it would be wise for the Fed to keep monetary policy loose.

The dollar index, which tracks the greenback against six major peers, was down 0.28 percent at 95.067 in late trading Monday.

Meanwhile, a strong rebound in stock markets also provided some support to the oil market. U.S. stocks surged Monday after previous day's sharp decline, with all three major jumping over 1 percent in late afternoon trading, boosted by Brainard's dovish comments.

The West Texas Intermediate for October delivery increased 41 cents to settle at 46.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 31 cents to close at 48.32 dollars a barrel on the London ICE Futures Exchange. Enditem