SIN­GA­PORE

The Star (Kenya) - - The Talk Of Nairobi -

Oil prices rose on Thurs­day, lifted by a weaker dol­lar and ex­tend­ing gains from the pre­vi­ous ses­sion when a sur­prise third con­sec­u­tive weekly U.S. crude in­ven­tory draw tight­ened sup­ply. U.S. West Texas In­ter­me­di­ate (WTI) crude oil fu­tures CLc1 were trad­ing at $45.76 per bar­rel at 0659 GMT (02:59 a.m. EDT), up 42 cents, or 0.9 per­cent, from their pre­vi­ous close. The con­tract gained as much as 3 per­cent the day be­fore. In­ter­na­tional bench­mark Brent crude fu­tures LCOc1 were also up, gain­ing 39 cents, or 0.8 per­cent, from their last close to $47.22 per bar­rel. Jef­frey Hal­ley of Sin­ga­pore-based bro­ker­age Oanda said that “the oil come­back con­tin­ued overnight, helped by a num­ber of tail­winds” that in­cluded “the U.S.-dol­lar (is) be­ing sold against ev­ery­thing, in­clud­ing oil” as well as a “an­other huge fall in EIA crude in­ven­to­ries.” The dol­lar stum­bled to a near 4-week low against the yen JPY= on Thurs­day.

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