Oil prices rise after US inventory data
By Trend
Oil prices settled higher Friday after wavering in a tight range, as investor continued to digest US crude stockpile data, Xinhua reported.
US crude stocks decreased by 2.4 million barrels to 454.9 million barrels last week, the US Energy Information Administration (EIA) said in its weekly report Wednesday.
A weaker US dollar also made the dollar-denominated oil more
attractive for holders of other currencies.
The US dollar decreased against most other major currencies on
Thursday as Wall Street digested the country's newly-released
announcement about tax reform.
The dollar index, which measures the greenback against six major
peers, decreased 0.14 percent at 94.685 in late trading.
The West Texas Intermediate for December delivery increased 0.2
4 US dollar to settle at 54.54 dollars a barrel on the New York Mercantile Exchange, while Brent crudefor January delivery added 0.13 dollar to close at 60.62 dollars a barrel on the London ICE Futures Exchange.
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