Oil Rises From Three-Month Low as Dollar Spurs Commodity Rally
- WTI crude dropped 14 percent in July, biggest decline in year
- U.S. crude, fuel supplies at highest seasonal level in decades
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Oil climbed from a three-month low in New York as a weakening dollar bolstered investor appetite for commodities.
U.S. futures increased 1.1 percent, paring a 14 percent monthly decline. The Bloomberg Dollar Spot Index fell to the lowest since July 1 after data showing tepid U.S. economic growth dimmed prospects for higher interest rates this year. Oil declined this week as government data showed that U.S. crude and fuel stockpiles were at the highest level in decades.