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Oil Extends Gain on U.S. Stockpile Decline and Weaker Dollar

  • Bloomberg Dollar Spot Index fell as much as 0.5% Thursday
  • WTI crude futures rose by 2.1% low volume trading session
Updated on

Oil rose for a second day after the U.S. reported the biggest crude stockpile drop since September while the dollar slipped.

Futures in New York gained 2.1% on Thursday in a thinly traded session as a weaker dollar helped bolster the appeal of commodities. The U.S. Energy Department on Wednesday reported a 4.58 million-barrel slump in crude inventories, a bullish signal to investors which may quell previous demand outlook concerns.