London — Oil rose on Thursday, reversing early losses, aided by a drop in the dollar that helped focus investors’ attention on a probable decline in US crude inventories. Brent crude futures were last up 13 cents at $65.55 a barrel by 3pm GMT, as were West Texas Intermediate (WTI) futures which were last at $61.81 a barrel. The dollar eased back from earlier one-week highs after minutes from the European Central Bank’s most recent policy meeting gave the euro a boost. Since the dollar began to grind higher a few weeks ago, the oil price has lost nearly 10% since hitting a multi-year high above $70 in January. "Given the market’s whipsaw reaction we could add another key takeaway, that recent heightened market volatility could be here to stay," LCG markets strategist Jasper Lawler said. The correlation between moves in the oil price and the dollar has strengthened in the last couple of weeks, as investors increasingly sell other assets to buy the US currency on expectations of a fast...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.