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Crude Oil Rallies From 2-month Low

Crude oil futures rose Thursday, trimming recent losses after sliding to the lowest in two months.

Robust U.S. production, a stronger dollar and expectations that OPEC will end its supply quota plan have weighed oil prices of late.

However, the dollar weakened versus the euro over the past few sessions, allowing oil to find its footing.

With bargain hunting in effect, WTI light sweet oil was up $1 at $65.78 a barrel.

However, oil's rally may be short-lived. A Bloomberg report said the U.S. has been pressuring Saudi Arabia to boost production by a million barrels a day.

Yesterday, the EIA reported US crude oil supplies unexpectedly rose by 2.072 mbpd during the week ended on May 25.

Also, gasoline inventories rose ahead of the summer driving season.

by RTTNews Staff Writer

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