06 August, 2020
Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand. The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. The dollar index, which measures the greenback against a basket of six major currencies .DXY, logged its biggest monthly percentage fall in a decade in July and a Reuters poll found analysts expected it to continue falling into next year. The index has moved in and out of positive territory on Thursday after falling for two sessions. A weaker U.S. currency makes dollar-priced oil cheaper for holders of other currencies.