Crude Oil Jumps On Weak U.S. Dollar, Strong China Refinery Data | CNBC TV18

The crude oil market gained about 3 per cent to a one-week high on Thursday on a weaker US dollar, and a jump in refinery runs in top crude importer, China.

Data indicated that Brent rose by $2.47 or 3.4 per cent yesterday to settle at $75.67 a barrel, while the US West Texas Intermediate (WTI) increased by $2.35 or 3.4 per cent to $70.62 per barrel.

The oil market drew support from US reports showing retail sales unexpectedly rose in May, and higher-than-expected jobless claims last week cut the US Dollar to a five-week low versus a basket of other currencies.

A weaker Dollar makes crude cheaper for holders of other currencies, which could boost oil demand.

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