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- Oil prices rise on a weaker U.S. dollar
Oil prices rise on a weaker U.S. dollar
Oil prices rose on a weaker U.S. dollar. The U.S. dollar declined against other major currencies after the release of the U.S. labour market data. The U.S. economy added 223,000 jobs in June, missing expectations for a rise of 230,000 jobs, after a gain of 254,000 jobs in May. May's figure was revised down from a rise of 280,000 jobs.
The U.S. unemployment rate dropped to 5.3% in June from 5.5% in May. It was the lowest level since April 2008.
Analysts had expected the unemployment rate to decline to 5.4%.
Gains were limited due to yesterday's U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 2.4 million barrels to 465.4 million in the week to June 26.
Traders expect the results of talks on the Iranian nuclear program. Talks will continue until July 07.
WTI crude oil for August delivery increased to $57.77 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $62.71 a barrel on ICE Futures Europe.
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