London — Oil prices rose on Thursday due to dollar weakness though gains were capped by plentiful supplies and bulging inventory, despite efforts by Opec and other producers to cut output to prop up the market. Benchmark Brent crude was up 50c a barrel at $55.58 by 9am GMT. US light crude was up 40c at $53.15. Traders said the gains were largely due to the dollar weakening 3.9% since peaking in January. Oil is traded in the US currency and a weaker dollar makes fuel purchases less costly in other currencies. But oil prices were capped by US Energy Information Administration figures showing US crude stocks rose 2.84-million barrels last week to 488.3-million barrels, ample for the world’s biggest market. US oil production has risen 6.3% since the middle of last year to 8.96-million bpd. "Crude oil and other liquids inventories grew by 2-million bpd in the fourth quarter of 2016, driven by an increase in production and a significant, but seasonal, drop in consumption," the agency said...
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