NEW YORK, May 6 (Reuters) - Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally.
The dollar's tumble had also fed the run-up in oil and other commodities, as those raw materials became more affordable for holders of the euro and other currencies.
U.S. crude futures rallied more than $2 to the year's high of $62.58 a barrel, before settling just 53 cents higher at $60.93.
Futures of North Sea Brent, the more widely-used benchmark, reached a 2015 peak of $69.63 before turning negative at one point. It settled up 25 cents at $67.77.
U.S. gasoline and heating oil futures also hit their highs for the year, before gasoline closed more than 1 percent lower.
U.S. crude prices have risen every week since March 13, while Brent has seen weekly gains since April 3.
Wednesday's rise came after the U.S. Energy Information Administration said crude stockpiles fell 3.9 million barrels last week, the first drop in four months.
View Full Article
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you