Oil prices rose more than 2% on Thursday on a weaker dollar and expectations that a crude glut would be short-lived due to a steep fall in U.S. fuel stocks and a resumption of operations by Texas refiners.
Brent crude oil futures for May settled up $1.73, or 2.6%, to $69.63 a barrel while U.S. West Texas Intermediate crude for April ended the session $1.58 or 2.5% higher, at $66.02.
“The complex has recovered back to above yesterday’s highs with major assistance from a weak dollar/strong equity combo,” Jim Ritterbusch, president of Ritterbusch and Associates said.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.