LONDON (Reuters) – Oil rose further over $71 a barrel on Thursday, buoyed by weakness in the dollar and bullish data on Chinese and U.S. crude inventories.
U.S. crude rose 45 cents to $71.48 a barrel by 0845 GMT, while Brent crude gained 55 cents to $71.40.
"Recently, the oil market is looking more at the correlation between the euro and the dollar," said Ryuichi Sato, an analyst at Tokyo-based Mizuho Corporate Bank.
The dollar fell toward $1.40 against the euro after tame U.S. inflation data dampened speculation the Federal Reserve would raise interest rates by year-end.
A weaker dollar makes oil and other commodities cheaper for holders of other currencies.
Oil prices have been trading in a tight range around $70 a barrel over the past week, as investors assess whether the rally which has seen prices more than double since February can continue.
Many analysts, including Sato, are eyeing a key price target of $76 a barrel, established last year when oil crashed from record highs near $150 a barrel in July to lows close to $30 a barrel at the turn of the year.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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1 | 53199 | 0.190 |
3 | 77961 | 0.185 |
5 | 80233 | 0.180 |
2 | 21000 | 0.170 |
1 | 3800 | 0.165 |
Price($) | Vol. | No. |
---|---|---|
0.210 | 300 | 1 |
0.215 | 7298 | 1 |
0.220 | 88792 | 2 |
0.225 | 4444 | 1 |
0.240 | 10000 | 1 |
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