Oil prices jump to five-month high on weak dollar, big drop in US crude stocks

Oil prices rose to their highest since early March today after a large decline in US crude inventories and supported by a weak dollar, but mounting coronavirus infections had investors worried about the demand outlook.

US crude inventories fell by 7.4 million barrels in the week to July 31 to 518.6 million barrels, the Energy Information Administration said. That exceeded the draw of 3 million barrels analysts predicted in a Reuters poll."There's no escaping the benefits of a weaker dollar in the commodity space and oil is certainly basking in its decline," senior OANDA analyst Craig Erlam said.

US factory data this week also showed an improvement in orders, which some analysts took as a hint of economic recovery. Rising prices come against the backdrop of a surge in coronavirus cases which could threaten a recovery in fuel demand.

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