|01-15-2015, 10:48 PM||#1|
Crude oil rises above $50 on dollar weakness
U.S. oil prices rallied on Thursday, approaching again $50 a barrel as the dollar weakened after economic data showed a rise in weekly jobless claims to the highest pace in four months.
The number of individuals filing for initial jobless benefits increased by 19,000 last week to 316,000, higher than the expected rise of 290,000, which raised fears for the future of the US labor market.
Brent crude was up by 1.65% around $49.25 a barrel at 13:28 GMT, after recording its highest of this session around $51 a barrel.
The U.S. Dollar index dropped to 91.50 levels compared with the opening level 93.24.
The dollar weakened against its counterparts after the Swiss National Bank ended its minimum exchange rate of 1.20 franc/euro and pushed interest rates deeper into negative territory, cutting the three-month LIBOR rate to -0.75% from -0.25%.
The continuing decline in the dollar gives the opportunity for oil to offset the substantial losses incurred over the past few months.
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