US crude settles at $52.25, rising 2.8% on dollar weakness
Saudi supply cuts
Oil prices rose on Wednesday by the most in over a month, boosted by a weaker U.S. dollar following a news conference by U.S. President-elect Donald Trump and on news that Saudi Arabia had cut exports to Asia.
Oil’s gains came despite government data showing a bigger-than-expected weekly build in U.S. crude and fuel inventories.
The U.S. dollar collapsed during Trump’s remarks, which disappointed investors who had sent the currency to its highest level in a week ahead of this news conference.
“The main reason for the oil price rise was that the dollar was down,” said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey.
Written by Lucy Nicholson at Reuters, featured on CNBC.com