Oil prices rise on weaker dol­lar ahead of Fed rate de­ci­sion

Pakistan Observer - - ECONOMY WATCH -

SIN­GA­PORE—Oil prices ex­tended gains in Asia Wed­nes­day as traders await a re­port on US stock­piles, and some an­a­lysts said the mar­ket was set for a re­bal­anc­ing af­ter touch­ing bot­tom. The two main con­tracts—West Texas In­ter­me­di­ate (WTI) and Brent crude—had risen sharply in Euro­pean trad­ing Tues­day on spec­u­la­tion that Saudi Ara­bia plans to re­duce drilling, fu­elling hopes of an eas­ing of the global sup­ply glut. A weak dol­lar has also pro­vided sup­port as it makes crude cheaper for cus­tomers us­ing other cur­ren­cies.

At around 0640 GMT Wed­nes­day WTI for de­liv­ery in June was up 53 cents, or 1.20 per­cent, at $44.57 and Brent crude for June had risen 58 cents, or 1.27 per­cent, to $46.32. “Mar­ket sen­ti­ment con­tin­ues to im­prove,” said Tim Evans, an energy an­a­lyst at Citi Fu­tures Per­spec­tive in New York.—AFP

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