The U.S. dollar outperformed its major peers on Thursday’s opening session. This came in after the euro retreated from its highest level since December 18, following concerns around political instability in Italy.
The U.S. dollar index marginally declined to 93.298. On Wednesday, the index touched its best level (93.632) since December 19. Against its Japanese counterpart, the greenback was almost unmoved at 110.380 yen.
The euro inched up 0.05 percent towards $1.1813. The common currency slid to a five-month low of $1.1763 after reports according to which the anti-immigrant League and Italy's 5-Star Movement might ask the European Central Bank (ECB) for a debt relief of 250 billion euros.
The price of oil advanced on Thursday due to reduced production in the United States and rising global demand. According to official reports, crude stockpiles in the U.S. declined by 1.4 million barrels to 432.34 million barrels in the week ending on May 11.
U.S. West Texas Intermediate (WTI) prices edged up by 0.3 percent, or 19 cents, to finish at $71.68 per barrel. Brent crude futures are already close to reaching the $80 per barrel handle. They added 4 cents, and closed at $79.32 a barrel. Investors believe that prices are likely to cross the $80 threshold in the foreseeable future in light of the prospects of sanctions on Iran’s oil industry.