Oil prices rise amid falling dollar

New York: Oil prices gained on Thursday as weaker dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The US dollar decreased against most major currencies as investors were digesting the newly released Federal Reserve minutes from its latest meeting, Xinhua news agency reported.

Oil prices were also boosted by the upbeat remarks from the Organisation of the Petroleum Exporting Countries (OPEC).

World oil demand is estimated to increase by 1.5 million barrels per day in 2015, higher than the initial projection, El-Badri, secretary-general of OPEC, said in a statement to the International Monetary Fund (IMF).

Data from oil service company Baker Hughes released last Friday showed that the number of active US oil-drilling rigs lost 26 to 614 this week.

The rig data supported the market as traders believed that US oil companies continued to cut the expense in face of the low oil prices.

The West Texas Intermediate for November delivery moved up $1.62 to settle at $49.43 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased $1.72 to close at $53.05 a barrel on the London ICE Future Exchange.