Oil prices rise on weak dollar
Xinhua,May 03, 2018 Adjust font size:
NEW YORK, May 2 (Xinhua) -- Oil prices climbed on Wednesday as the U.S. dollar declined against most major peers.
The dollar was under pressure on Wednesday as the Federal Reserve decided to keep interest rates unchanged after concluding its two-day monetary policy meeting.
The dollar index, which tracks the greenback against six major peers, was down 0.15 percent at 92.314 in late trading.
Oil prices were supported as a weaker dollar made the dollar-priced oil more attractive for holders of other currencies.
On the data front, crude stockpiles posted a surprise build of 6.2 million barrels in the week, according to the weekly report by Energy Information Administration on Wednesday.
The West Texas Intermediate (WTI) for June delivery added 0.68 U.S. dollar to settle at 67.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.23 dollar to close at 73.36 dollars a barrel on the London ICE Futures Exchange. Enditem