Oil Rises With Dollar Decline Boosting Appeal of Commodities
- The U.S. currency weakened after two sessions of gains
- U.S. crude supplies fell 5.42 million barrels last week: API
Photographer: Trevor Snapp/Bloomberg
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Oil rose to its highest in nearly a week amid a weaker dollar and expectations for supply declines in U.S. inventories.
Crude futures gained 2.1% in New York, while the Bloomberg Dollar Spot Index slipped as much as 0.3%, raising the appeal for commodities priced in the currency. Futures clung to gains in after-market trading following the American Petroleum Institute’s report of a 5.42 million barrel decline in U.S. crude stockpiles last week and draws in both gasoline and distillate inventories.