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Oil prices climb on weak dollar

Xinhua, April 13, 2017 Adjust font size:

Oil prices ended higher on Thursday as a weaker greenback spurred market sentiment for the dollar-priced commodity.

The U.S. dollar fell against other major currencies on Thursday amid U.S. President Donald Trump's comments on the currency.

In an interview with Wall Street Journal on Wednesday, the president said the dollar is getting too strong and the Federal Reserve should keep rates low.

Moreover, the Energy Information Administration (EIA) said in its weekly report on Wednesday that crude inventories fell 2.2 million barrels last week to 533.4 million barrels.

The West Texas Intermediate for May Delivery added 0.07 dollars to settle at 53.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 0.03 dollars to close at 55.89 dollars a barrel on the London ICE Futures Exchange. Enditem