Oil Erases Brexit Selloff as U.S. Crude Supplies, Dollar Decline
- Stockpiles dropped 4.05 million barrels last week: EIA report
- Dollar falls as policy makers seen mitigating Brexit damage
Can Oil Demand Withstand Brexit's Impact?
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Oil erased the two-day plunge that followed Britain’s vote to leave the European Union after U.S. crude inventories dropped for a sixth week while the dollar retreated against its peers.
Futures advanced 4.2 percent in New York, extending Tuesday’s 3.3 percent increase. Crude supplies declined 4.05 million barrels last week, the Energy Information Administration said. The dollar fell amid speculation policy makers will take action to limit damage from the U.K.’s secession from the EU. A weaker dollar boosts investor demand for commodities.