Oil prices climb to nine-month high after inventory draw | Reuters
Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.
The U.S. dollar also set a 2-1/2-year low against major rivals on Thursday. Oil prices generally rise when the dollar falls because crude priced in the greenback becomes cheaper for buyers holding other currencies.
Brent crude futures rose 72 cents, or 1.4%, to $51.80 a barrel at 0744 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose by 71 cents, or 1.5%, to $48.53 a barrel. Both benchmarks hit their highest since early March.
“All the headlines have been bullish for oil prices,” said Edward Moya, senior market analyst at OANDA in New York.
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