Monday, March 17, 2025 | 11:16 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Oil prices rise to 5-month high on weak dollar, US crude stockpiles

Oil also drew support from signs that talks between the White House and Democrats in Congress on a new coronavirus relief package are making progress, although the sides remain far apart

gas, petrol, crude, oil, diesel, price, economy
Premium

Rising prices come against the backdrop of a surge in coronavirus cases which could threaten a recovery in fuel demand.

Devika Krishna Kumar | Reuters New York
Oil prices rose to their highest since early March on Wednesday after a large decline in US crude inventories and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.
Brent crude was up 70 cents, or 1.6%, at $45.13 a barrel by 1:39 p.m. ET (1739 GMT). West Texas Intermediate oil rose 44 cents, or 1.1%, to $42.14 a barrel.
Both contracts gained over 4% earlier in the session.
US crude inventories fell by 7.4 million barrels last week, the Energy Information Administration said. That exceeded the draw of 3 million barrels analysts predicted in a Reuters poll.
A weaker dollar,

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in