Oil prices rise on weak US dollar

New York, April 29 (IANS) Oil prices continued to rally as the US dollar depreciated against other currencies, making the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The West Texas Intermediate for June delivery on Thursday added 70 cents to settle at $46.03 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 96 cents to close at $48.14 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The dollar index, which measures the greenback against six major peers, was down 0.67 percent at 93.759 in late trading.

Meanwhile, US crude output decreased for a seventh week to the lowest level since October 2014, according to a report released by the Energy Information Administration on Wednesday.

On the US economic front, the US real gross domestic product increased at an annual rate of 0.5 percent in the first quarter of 2016, worse than traders’ estimates, according to the “advance” estimate released by the Commerce Department on Thursday.



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