Weaker dollar, lower crude stocks push oil prices higher

ANKARA

Oil prices continued to rise on Thursday, bolstered by more commodities trade due to the weaker dollar and lower-than-expected crude stocks in the US.

International benchmark Brent crude was trading at $75.44 per barrel at 0552 GMT for a 0.19% increase after closing the previous session at $75.29 a barrel.

American benchmark West Texas Intermediate (WTI) was at $72.95 per barrel at the same time for a 0.26% gain after trade ended at $72.76 a barrel in the previous session.

The dollar fell to new lows after data on Wednesday showed a more-than-expected improvement in US consumer confidence.

The more-than-expected decrease of crude oil stocks in the US also supported the increase in oil prices.

Crude oil stocks decreased by 4.7 million barrels, or 1.1%, for the week ending Dec. 17 to approximately 423.6 million barrels, the US Energy Information Administration announced on Wednesday.

The market expectation was a decrease in inventories of 2.6 million barrels.

ANKARA

Oil prices continued to rise on Thursday, bolstered by more commodities trade due to the weaker dollar and lower-than-expected crude stocks in the US.

International benchmark Brent crude was trading at $75.44 per barrel at 0552 GMT for a 0.19% increase after closing the previous session at $75.29 a barrel.

American benchmark West Texas Intermediate (WTI) was at $72.95 per barrel at the same time for a 0.26% gain after trade ended at $72.76 a barrel in the previous session.

The dollar fell to new lows after data on Wednesday showed a more-than-expected improvement in US consumer confidence.

The more-than-expected decrease of crude oil stocks in the US also supported the increase in oil prices.

Crude oil stocks decreased by 4.7 million barrels, or 1.1%, for the week ending Dec. 17 to approximately 423.6 million barrels, the US Energy Information Administration announced on Wednesday.

The market expectation was a decrease in inventories of 2.6 million barrels.