Oil Bounces Back to $56 a Barrel as Dollar Weakens

Volatility in the oil market has jumped to the highest level since the financial crisis.

By Published on February 12, 2015

(Reuters) – 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.

Read the article “Oil Bounces Back to $56 a Barrel as Dollar Weakens” on reuters.com.

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