Oil Closes Near $38 as Dollar Recovers, U.S. Stockpiles Grow
- Dollar pares loss after falling to 9-month low against peers
- Nationwide inventories rose to highest level since 1930: EIA
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Oil closed near $38 a barrel in New York, little changed from Wednesday, as investors assessed the impact of a weaker dollar, rising OPEC output and ample U.S. stockpiles.
The Bloomberg Dollar Index, which tracks the currency against major peers, was down 0.1 percent, after sinking 0.6 percent. A weaker dollar boosts the appeal of commodities as a store of value. U.S. oil supplies are at the highest level since 1930 after rising seven consecutive weeks, worsening a global glut. OPEC crude output rose by 64,000 barrels this month, a Bloomberg survey showed.