Both benchmarks rose to their highest since March 6, completing a four-day rally, after the EIA reported a big drop in US crude stockpiles
London — Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar and falling US crude inventories undermined by bearish sentiment about fuel demand.
The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in US crude stockpiles. The index moved in and out of positive territory on Thursday after falling for two sessions. A weaker US currency makes dollar-priced oil cheaper for holders of other currencies.
“I expect that state of affairs to spill over into Europe, unless the dollar tracks lower aggressively again, in which case oil should grind higher,” he said.
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