Oil bounces back to $56 as dollar weakens
Source: Reuters
BY HIMANSHU OJHA
Oil prices rebounded more than $1 to $56 a barrel on Thursday, after a two-day decline, as a weakened dollar and industry spending cuts offset worries of a supply glut.
Analysts at Sucden Financial pointed to a softer dollar boosting buying on Thursday in a note to clients. A weaker U.S. unit makes dollar-priced commodities such as oil cheaper for holders of other currencies.
March Brent futures LCOc1 were up $1.34 at $56 a barrel by 1134 GMT (06:34 a.m. EST), following a 3 percent loss in the previous session that saw prices break below $54 at one point.
U.S. March crude futures CLc1 were trading up $1.34 at $50.18, after falling more than 2 percent in the previous session.
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Read more: http://www.reuters.com/article/2015/02/12/us-markets-oil-idUSKBN0LG06W20150212
