Oil rises on economic recovery hopes, weaker dollar
Oil prices rose more than $1 a barrel on Thursday, rebounding on optimism about global economic growth despite the coronavirus pandemic, and after U.S. crude inventories fell more than anticipated.
Brent crude ended up $1.44, or 2%, at $73.03 a barrel. West Texas Intermediate (WTI) crude settled up $1.40, or 2%, to $69.99 a barrel.
The rally briefly pushed U.S. crude futures above the 50-day moving average for the first time in a month, a signal of bullishness for investors. In addition, later-dated crude contracts rallied more than the front-month, another sign that market participants expect demand to rise as supply declines.
In the United States, crude inventories dropped by 7.2 million barrels last week, the Energy Information Administration said on Wednesday.
Optimistic about the global economic recovery, the Organization of the Petroleum Exporting Countries and allied producers including Russia, together known as OPEC+, raised its demand forecast for 2022.
Thai
Eng