Crude oil prices rose Thursday morning as the dollar weakened against the euro amid signs the Federal Reserve will hold interest rates at zero for the time being.
Minutes from the April meeting of the Fed released yesterday afternoon showed only a few policy makers want to consider a June rate hike.
The news put pressure on the dollar, but disappointing European economic data put a cap on oil’s gains.
Markit said its flash reading on May manufacturing and services activity in Germany fell to a five-month low, to 52.8.
U.S. crude oil prices were up 54 cents at $59.52 a barrel on the New York Mercantile Exchange. Traders were keeping a close eye on fighting in the Middle East, particularly in Yemen and Iraq.
ISIS continues to push deeper towards the Iraqi capital of Baghdad, raising fears of a broader conflict involving U.S. forces.
The material has been provided by InstaForex Company – www.instaforex.com