Oil rises on declining inventories and weaker dollar | Reuters
Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of gradually increasing output.
Brent crude was up 45 cents, or 0.6%, at $72.04 a barrel by 1101 GMT and West Texas Intermediate (WTI) crude rose 39 cents, or 0.6%, to $68.98.
U.S. crude inventories dropped by 7.2 million barrels last week, the Energy Information Administration said on Wednesday.
Hurricane Ida, meanwhile, has affected about 80% of the Gulf of Mexico's oil and gas output. Oil refineries in Louisiana could take weeks to restart. read more
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