Oil prices rose on Thursday on a weaker dollar as fears of rising U.S. inflation eased while a steep fall in U.S. fuel stocks meant a crude glut would be short-lived as refiners restart in Texas.
Brent crude oil futures for May rose 79 cents, or 1.16%, to $68.69 a barrel by 1430 GMT, while U.S. West Texas Intermediate crude for April was up 62 cents, or 0.96%, at $65.06. Both contracts had risen by more than $1 a barrel in earlier trade.
“Fears of inflation are receding as the February U.S. CPI was at 1.7%. Consequently, bond yields fell and equities stabilized with the Dow hitting an all-time high. The dollar, therefore, is weakening, which helps oil,” Tamas Varga, senior analyst at PVM Oil Associates, said.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.