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Decline of Dollar Drives Oil Prices Higher

June 12, 2013 at 22:14 by Vladimir Vyun

Crude oil rallied today as the dollar fell. The US currency dropped on uncertainty about future actions of the Federal Reserve. The Dollar Index lost 0.4 percent to 80.827, the lowest close since February 19.

Crude managed to gain even as US inventories unexpectedly swelled. US stockpiles of crude increased by 2.5 million barrels to 393.8 million barrels last week. Analysts have expected a drop by 1.4 million barrels.

July futures for delivery of WTI crude oil rallied $0.5 (0.52 percent) to $95.88 per barrel as of 22:09 GMT on NYMEX today. Contract for Brent crude rose $0.36 (0.35 percent) to $103.32 per barrel on ICE.

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