Oil prices climb amid weaker U.S. dollar, mixed U.S. inventory data
Oct 27, 2022
New York (US), October 27: Oil prices advanced on Wednesday, driven by a weaker U.S. dollar and a fall in U.S. gasoline stockpiles.
The West Texas Intermediate for December delivery increased 2.59 U.S. dollars, or 3 percent, to settle at 87.91 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 2.17 dollars, or 2.3 percent, to settle at 95.69 dollars a barrel on the London ICE Futures Exchange.
Lending buoyancy to the prices was a retreat in the U.S. currency. The dollar index, which measures the greenback against six major peers, fell 1.13 percent to 109.7010 in late trading on Wednesday, following a 0.9 percent slide in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.
The U.S. Energy Information Administration reported Wednesday that the nation's commercial crude oil inventories rose by 2.6 million barrels during the week ending Oct. 21.
Total motor gasoline inventories decreased by 1.5 million barrels last week, while distillate fuel inventories increased by 0.2 million barrels, showed the report.
Source: Xinhua
