Oil prices rise as US dollar tumbles
11 Nov 2022 10:30am
Image for illustrative purposes only - BERNAMA
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The West Texas Intermediate for December delivery added 64 cents, or nearly 0.8 per cent, to settle at US$86.47 a barrel on the New York Mercantile Exchange. Brent crude for January delivery added US$1.02, or 1.1 per cent, to settle at US$93.67 a barrel on the London ICE Futures Exchange.
A sharp fall in the US currency helped boost oil prices.
The dollar index, which measures the greenback against six major peers, dropped 2.12 per cent to 108.2040 in late trading on Thursday, after data showed the October US consumer price index came in lower than expected. Historically, the price of oil is inversely related to the price of the US dollar.
Traders continued to digest weekly US fuel inventory data.
The US Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories increased by 3.9 million barrels during the week ending Nov 4.
According to the EIA, total motor gasoline stocks fell by 0.9 million barrels from last week, while distillate fuel inventories decreased by 0.5 million barrels. - BERNAMA
