Crude oil futures surged above $66 a barrel Thursday morning, touching the highest since 2014 amid a weak dollar and dwindling U.S. inventories.
The Energy Information Administration reported a draw of 1.1 million barrels for the week to January 19. It’s the tenth consecutive drop in U.S. oil inventories.
However, gasoline inventories booked yet another weekly build at 3.1 million barrels.
Oil prices have also been boosted by a deal between OPEC and non-OPEC producers, including Russia, to curb oil output through 2018.
WTI light sweet crude oil was up 70 cents at $66.32 a barrel.
The European Central Bank left its key interest rates and asset purchases unchanged on Thursday. In contrast to expectations, there was hardly any change in the wording of the forward guidance.
“The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases,” the ECB reiterated.
The material has been provided by InstaForex Company – www.instaforex.com
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