KONTAN.CO.ID - LONDON. Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices. The U.S. dollar set a 2-1/2 year low against major rivals on Thursday which also helped oil because crude priced in the greenback becomes cheaper for buyers holding other currencies. Brent crude futures were up 22 cents at $51.30 a barrel by 1110 GMT, having traded as high as $51.90.
Oil prices hit nine-month high after inventory draw
KONTAN.CO.ID - LONDON. Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices. The U.S. dollar set a 2-1/2 year low against major rivals on Thursday which also helped oil because crude priced in the greenback becomes cheaper for buyers holding other currencies. Brent crude futures were up 22 cents at $51.30 a barrel by 1110 GMT, having traded as high as $51.90.