18 Jun 2015
Oil gains on weak US dollar
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic strengthened on Thursday on the back of a weaker US dollar.
Front month WTI contract rose 85 cents or 1.42% to USD 61.19/barrel, while Brent futures rose 98 cents or 1.53% to USD 64.85/barrel. Crude prices strengthened as the US dollar fell 0.5% to a one-month low.
Earlier today, oil prices had declined after the U.S. Energy Information Administration (EIA) showed domestic gasoline stocks rose by 460,000 barrels last week, compared with analysts' expectations for a 314,000-barrel drop.
Crude prices are likely to continue tracking the movement in the USD index ahead in the day. Meanwhile, Greek crisis and the resulting impact on the risk sentiment could also influence oil prices.
Front month WTI contract rose 85 cents or 1.42% to USD 61.19/barrel, while Brent futures rose 98 cents or 1.53% to USD 64.85/barrel. Crude prices strengthened as the US dollar fell 0.5% to a one-month low.
Earlier today, oil prices had declined after the U.S. Energy Information Administration (EIA) showed domestic gasoline stocks rose by 460,000 barrels last week, compared with analysts' expectations for a 314,000-barrel drop.
Crude prices are likely to continue tracking the movement in the USD index ahead in the day. Meanwhile, Greek crisis and the resulting impact on the risk sentiment could also influence oil prices.