Oil prices rise in US crude at its highest level in 6 months
Crude oil prices in volatile trade rose on Thursday, and record US crude its highest level in six months, as investors balanced between the expectations of pressure on world supplies and signs of a further increase in stocks in the delivery of US crude futures center.
Traders said oil also got the support of Nigerian supply disruption.
Brent crude rose 48 cents to $ 48.08 a barrel at the settlement. And ascended WTI futures 47 cents to $ 46.70 a barrel at the settlement, after arriving earlier in the session to $ 47.02 a barrel, the highest level since last November.
In early trading, US crude rose after the International Energy Agency raised its forecast for oil demand growth in 2016 to 1.2 million barrels per day from 1.16 million bpd in its forecast in April.
Brent rose after the agency also pointed to the decline of output from Nigeria, Libya and Venezuela by 450 thousand barrels per day, on the whole from its level a year ago.
Van then fell after the company "Zhinskab" market information reported that inventories at the Cushing Center in Oklahoma rose 548,923 barrels during the week ended on the tenth de Mayo.
Traders said the stronger dollar is also pressure on oil. The US currency climbed 0.3 versus a basket of currencies. And it makes the rising dollar-denominated oil by more expensive for holders of other currencies