U.S. oil futures snapped the longest losing streak since July as the dollar weakened after the Federal Reserve scaled back estimates for interest rates.
West Texas Intermediate gained for the first time in seven days. The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, fell 1 percent after Fed officials lowered their median estimate for the federal funds rate at the end of 2015 and 2016. A weaker dollar raises oil’s investment appeal.
