World oil prices struck this year’s high points this week as a weaker US dollar attracted buyers to a market struggling to overcome a global supply glut.
US-dollar-denominated oil has become more attractive for buyers of rival currencies despite lingering concerns about excess output, thanks to the US unit falling heavily, particularly against the yen.
The US dollar’s fall comes as the US Federal Reserve held interest rates unchanged at its policy meeting on Wednesday, signaling it was in no hurry to raise borrowing costs. The US dollar has since fallen sharply against the yen after the Bank of Japan decided against additional stimulus measures for the struggling Japanese economy.
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On Friday, the Brent oil contract reached US$48.50 a barrel — the highest level since early November.
US benchmark West Texas Intermediate (WTI) hit a near six-month peak at US$46.63.
Meanwhile, Brent was on course for its best monthly gain since May 2009, David Cheetham, analyst at trading firm XTB, said on the final trading day of the month.
“The 22 percent rise so far in April has seen the market move back above the US$48 handle for the first time since early November,” he added.
At about 1pm GMT, Brent North Sea crude for delivery in June was slightly off Friday’s high, though still up US$0.09 compared with Thursday’s close, at US$48.23 a barrel.
WTI for June stood at US$46.49, up US$0.46.
Silver had the best month since 2013 amid the US dollar’s slump and an improving outlook for industrial demand. Gold surged to the highest in more than a year.
All precious metals rose as a gauge of the US dollar touched an 11-month low after weaker-than-expected US economic growth cut prospects for higher interest rates, adding to the appeal of non-yielding assets.
Silver’s 15 percent surge this month has bettered gold’s advance amid optimism that industrial usage would increase as China’s economy shows signs of stabilizing. About half of the metal’s demand comes from products ranging from electronics to solar panels. China’s silver imports climbed 39 percent in March from a month earlier, rebounding from the lowest since 2014, customs data show.
Silver futures for July delivery gained for a fifth day, rising 1.3 percent to settle at US$17.819 an ounce at 1:49pm on the Comex in New York. Earlier the price reached US$18.02, the highest for a most-active contract since January last year. Gold futures for June delivery advanced as much as 2.6 percent to US$1,299, the highest for a most-active contract since January last year. The price is up 4.4 percent this month.
Gold ETP holdings rose 1.8 tonnes to 1,757.4 tonnes as of Thursday, data compiled by Bloomberg show. Platinum futures climbed 2.6 percent to US$1,078.40 an ounce on the New York Mercantile Exchange, after reaching the highest since July. Prices are up 10 percent this month, the most since January 2012.Palladium rose a third day, reaching the highest since November.
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