Oil Rebounds From Six-Year Low on Weakening U.S. Dollar
What's Behind the World's Record Oil Inventories?
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Oil recovered from the lowest close in six years as China’s currency devaluation helped weaken the dollar, drawing investors to crude.
China’s decision to devalue the yuan has spurred concern that its economy is faltering. The U.S. currency fell against the euro on speculation the Chinese move imperils the timing and path of rate increases from the Federal Reserve. On top of that, the International Energy Agency said global oil demand growth in 2015 will be the strongest in five years. Gasoline surged after U.S. supplies fell, as refineries were said to trim operations.