Oil futures climbed Thursday, with U.S. benchmark prices settling at their highest in a week, buoyed by a weaker U.S. dollar and a seventh straight week of falling U.S. crude inventories. But analysts warned of “downside” risks to prices as global output remained strong.
July crude tacked on 53 cents, or 0.9%, to settle at $60.45 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since June 11.
Brent crude for August delivery rose 39 cents, or 0.6%, to $64.26 a barrel on London’s ICE Futures exchange.
Oil has shown an inability to rally despite a falling U.S. dollar after the Federal Reserve meeting and a report showing a drop in crude inventories, said Colin Cieszynski, chief market strategist at CMC Markets. Nymex prices seesawed between losses and gains early Thursday.