Oil prices settle mixed amid weaker U.S. dollar
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E-mail Xinhua, December 2, 2022
NEW YORK, Dec. 1 (Xinhua) -- Oil prices settled mixed on Thursday, with the U.S. benchmark up for the fourth consecutive session, partly driven by weakness in the greenback.
The West Texas Intermediate (WTI) for January delivery added 67 cents, or 0.8 percent, to settle at 81.22 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery lost 9 cents, or 0.1 percent, to close at 86.88 dollars a barrel on the London ICE Futures Exchange.
The dollar index, which measures the greenback against six major peers, fell 1.15 percent to 104.7300 in late trading on Thursday, leading buoyancy to oil prices.
On Wednesday, the WTI and Brent jumped 3 percent and 2.9 percent, respectively, after data showed a drop of nearly 13 million barrels in U.S. crude stockpiles during the week ending Nov. 25.
Traders also looked to the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group will meet on Dec. 4. In October, the oil alliance agreed to reduce its output target by 2 million barrels per day from November to shore up prices. Enditem
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