Brent

US crude rises 1.2%, settling at $61.34, boosted by Saudi comments and a weaker dollar

  Oil prices extended gains on Thursday as a weak dollar and supportive comments from Saudi Arabia outweighed record U.S. production and rising inventories. U.S. West Texas Intermediate (WTI) crude futures ended Thursday’s session up 74 cents, or 1.2 percent, at $61.34 a barrel, extending the 2.4-percent gain the day before. Brent crude futures pared earlier losses and were down 2 cents to $64.34 per barrel at 2:29 p.m. ET, after Wednesday’s 2.6-percent climb. The premium of Brent over WTI was near its lowest in six months. The dollar was approaching the 3-year low hit in late January. A weaker dollar makes oil and other dollar-denominated commodities cheaper for holders of other currencies. “I’m surprised that oil prices are falling today given the weaker U.S. dollar. Curre...

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