“Oil recovered from its lowest price in a week in New York as a weakening dollar made commodities more attractive, offsetting signs of faltering fuel demand.
Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. The Energy Department will release its own data later today. The euro gained versus the dollar and yen as German Chancellor Angela Merkel said the European Union remains committed to its shared currency. The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey.
“The dollar is propping up oil today,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “But global risk sentiment is dominating trading, with fears for weakening energy demand overwhelming concerns about long-term supply tightness.”
Crude for July delivery was at $100.51 a barrel at 11:28 a.m. London time in electronic trading on the New York Mercantile Exchange, having lost as much as $1.04 to $99.25. The contract yesterday declined $2.41, or 2.4 percent, to $100.29, the biggest drop since May 11. Prices are up 38 percent in the past year.
Brent crude for July delivery was at $115.18 a barrel, up 65 cents, on the London-based ICE Futures Europe exchange. The contract yesterday fell $2.20, or 1.9 percent, to $114.53, the lowest settlement since May 24.”
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