Oil Closes Near $38 After Dollar Loss Eases, U.S. Supply Rises
- Prices rose as much as 4.1% earlier on U.S. refinery pickup
- U.S. crude supplies climbed to highest level since 1930: EIA
Oil Rises After Four-Day Loss
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Oil closed near $38 a barrel in New York as the dollar’s loss eased, reducing the appeal of crude as a store of value.
Futures retreated from the day’s highs along with the Standard & Poor’s 500 Index. A stronger dollar curbs investor demand for commodities. Prices surged as much as 4.1 percent after a government report showed U.S. refineries processed the most crude since January. American crude supplies rose, keeping stockpiles at the highest level since 1930.