New York, September 23 (Xinhua)-As market optimism continued, oil prices rose on Thursday, expanding the rise scored in the previous session.
West Texas Intermediate, delivered in November, has added US $ 1.07 (1.5%) to settle at $ 73.30 a barrel on the New York Mercantile Exchange. Brent crude oil delivered in November rose $ 1.06 (1.4%) and closed at $ 77.25 a barrel on the London ICE Futures Exchange.
The price gained some support from the depreciation of the US dollar.
In late Thursday trading, the dollar index, which measures greenbacks against six major peers, fell 0.47% to 93.0335. Historically, the price of oil is inversely proportional to the price of the US dollar.
Crude oil prices have also risen due to lower US crude oil inventories.
The Energy Information Administration (EIA) reported on Wednesday that US crude oil inventories fell by 3.5 million barrels during the week leading up to September 17.
US crude oil inventories were 414 million barrels, about 8% below the five-year average during this period.
On Wednesday, both coarse benchmarks soared 2.5 percent.
Oil prices rise in positive emotions
Source link Oil prices rise in positive emotions