Global Oil Prices Increase Again

U.S. crude stockpiles fell by 6.2 million barrels last week, the U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday, beating market consensus of a 3.4-million-barrel decline. Oil prices were further supported by a weaker greenback, which makes the dollar-priced commodity more attractive to holders of other currencies. The U.S. dollar continued to weaken against major currencies on Thursday after the Federal Reserve decided to leave interest rates unchanged on Wednesday. The dollar index, which measures the greenback against six major currencies, fell 0.25 percent to 95.420 in late trading. U.S. benchmark West Texas Intermediate (WTI) crude for November delivery rose 98 cents to settle at $46.32 a barrel on the New York Mercantile Exchange. Meanwhile, Brent North Sea crude for November delivery gained 82 cents to close at $47.65 a barrel on the London ICE Futures Exchange. Oil prices also advanced as traders looked ahead to a key meeting of major oil-producing countries next week in Algeria. Members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers plan to hold talks in Algiers next week on how to tackle a global supply glut, which sent oil prices to near 13-year lows in early 2016. Analysts said their chances of reaching a deal have improved after news that oil giants Saudi Arabia, Iran and Qatar met at OPEC headquarters in Vienna, according to the Xinhua News Agency. (UU.A026)
Editor: Maryati