Crude Oil Rises in New York as Dollar Weakens Against Euro

Crude oil rose as the dollar weakened against the euro, after the Federal Reserve said the U.S. economic outlook has “softened.”

Oil rebounded as the euro climbed above $1.28. Futures had fallen 0.7 percent after reports showing China’s economic growth eased and that U.S. gasoline inventories are 4.3 percent above their five-year average. The Federal Reserve said risks to the U.S. outlook “have shifted to the downside” in the minutes of its June meeting released yesterday.