Prices of oil rose to 2014 and 2015 levels. The United States West Texas Intermediate was traded at $61.76 per barrel, 13 cents higher than the last session, getting close to $61.97 recorded in May, 2015. The International benchmark for oil prices, Brent crude futures, settled at $67.82 per barrel. Although they declined by 2 cents, they were an inch near $68.03 reached in May 2015.
The ongoing effort led by OPEC and Russia to limit oil production to balance the market has borne fruit. The civil unrest in Iran also helped oil keep its strength.
Lifted by a positive U.S. macro-economic data, the dollar was seen advancing further on Thursday. According to the dollar index, the greenback stood 0.1% higher against its six major currency rivals and settled at 92.248. The greenback was climbing from 91.751 recorded on Tuesday, which was considered its lowest point since September 20, 2017. Against the Japanese safe-haven yen, the U.S. currency went higher by 0.2% and settled at 112.710 yen. Against the euro, the greenback traded at $1.2011 after climbing by 0.05%.
The dollar’s positive stance was the result of robust manufacturing and construction data and the outcome of the Federal Reserve’s December 12-13 meeting which made analysts and investors believe there was a strong possibility for an imminent rate hike.