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Oil Gains as Weaker Dollar Offsets Disappointing Stockpile Draw

  • U.S. crude inventories fell 448,000 barrels last week: EIA
  • U.S. earlier called on OPEC+ to revive production more quickly
Bloomberg business news
U.S. Asks OPEC+ to Pump More Oil
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Oil rose as a weaker dollar offset a government report that showed a smaller-than-expected decline in crude stockpiles in the wake of a viral resurgence.

Futures advanced 1.4% after falling as much as 2.4% earlier when the U.S. called on the OPEC+ alliance to revive production more quickly. The dollar weakened, boosting the appeal of commodities priced in the currency, with data showing consumer prices increased at a more moderate pace in July, reducing concern about an unwinding of some of the stimulus.