Oil prices rose Wednesday as U.S. dollar depreciated against other currencies.
A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies. U.S. crude supplies of last week gained 7.8 million barrels to 502.7 million barrels, 89.7 million barrels more than a year before, U.S. Energy Information Agency (EIA)'s Wednesday weekly report showed.
The bullish part of data is that U.S. crude production lost 7, 000 to 9.214 million barrels a day last week, according to the EIA report. Rumors of an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) resumed, which helped boost the market.
Russian Foreign Minister Sergei Lavrov said if there is consensus among the OPEC and non-OPEC members to meet, "then we will meet." Light, sweet crude for July delivery moved up 2.4 U.S. dollars to settle at 32.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 2.32 dollars to close at 35.04 dollars a barrel.
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