Oil prices rose Wednesday as the U.S. dollar depreciated against other currencies.
A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.
US crude supplies gained 2.3 million barrels to 534.8 million barrels last week, 63.4 million barrels more than one year before, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.
The increasing output from U.S. dragged the market. Crude production of the country gained 10,000 barrels to 9.078 million barrels a day last week, according to the EIA.
The West Texas Intermediate for May delivery moved up 4 cents to settle at 38.32 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 12 cents to close at 39.26 dollars a barrel on the London ICE Futures Exchange.
GMT 09:00 2017 Thursday ,04 May
Dollar extends gains, Seoul hits record but most Asia stocks fallGMT 10:19 2017 Wednesday ,29 March
Asian markets and dollar push higher, pound weak on BrexitGMT 11:46 2017 Saturday ,11 February
Gold down on stronger US. dollar, equitiesGMT 12:46 2017 Friday ,03 February
Seoul shares open higherGMT 13:05 2017 Thursday ,19 January
Tokyo shares end higher by break on soft yenMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor