Business
Oil jumps 8 percent as dollar tumbles after U.S. data
Oil
prices jumped 8 percent higher on Wednesday, snapping a two-day rout,
after investors took advantage of a weaker U.S. dollar and shrugged off
data showing an unexpected large surge in U.S. crude inventories to
record highs. The dollar index tumbled to an over seven-week low, making
commodities priced in the greenback cheaper for holders of other
currencies, amid growing skepticism that the Federal Reserve would be
able to hike U.S. interest rates again this year and after data showed
the U.S. services industry grew more slowly than expected last month.
U.S. crude closed with one its biggest gains in five months, rising
$2.40, or 8 percent, to $32.28.
Reuters
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