Crude prices rise from 5 week lows on attack in Nigeria, weaker US dollar

04-Nov-16

Crude oil futures have risen from 5 week lows as news of an attack on a Nigerian oil pipeline and a weaker US dollar buoyed sentiment in the market. Brent crude rose by over 1% to US$47.3, while US futures traded at US$45.7 per barrel.
Militants in Nigeria’s southern Niger Delta oil hub attacked a pipeline operated by the Nigerian National Petroleum Corporation on Wednesday. Also a softer dollar buoyed prices by making the dollar-denominated oil less costly for importing countries.The dollar slipped for a third session as positioning for next week’s US presidential election overshadowed the Federal Reserve’s latest review, where policymakers signalled they were on track to hike rates next month.