Weaker dollar lifts oil prices from five-week low - 3 Nov 2016
Crude oil prices rose on Thursday as a weaker US dollar buoyed sentiment in the market, lifting prices from five-week lows. Brent crude was trading up 55 cents, or 1.2 percent, at USD 47.41 a barrel by 0129 GMT after touching a five-week low at USD 46.46 in the previous session.
US West Texas Intermediate (WTI) crude was up 50 cents, or 1.1 percent, at USD 45.84 per barrel.
The US dollar index slipped for a third session in a row on Thursday and was down 0.09 percent on concerns over the outcome of next week's US presidential election. A weak dollar makes dollar-denominated oil less costly for importing countries.
The weaker dollar provided the market with some reprieve even as crude prices fell to five-week lows in the previous session as US crude oil stockpiles soared more than 14 million barrels last week, the largest weekly build since the US Energy Information Administration started keeping records in 1982.
"The market is always a little sensitive to (news about supply disruptions)," said Ric Spooner, chief market analyst at CMC Markets.
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