LONDON (Reuters) – Oil prices rose on Thursday, driven up by a weakening dollar, though gains were capped by plentiful supplies and bulging inventories despite efforts by OPEC and other producers to cut output to prop up the market.
Benchmark Brent crude was up 35 cents a barrel at $55.43 by 1125 GMT. U.S. light crude futures were up 20 cents at $52.95.
Traders attributed the gains largely to a weakening dollar, which has lost 3.9 percent in value since peaking in January. Oil is traded in the U.S. currency and a weaker dollar makes fuel purchases less costly for countries using other currencies, potentially spurring demand.
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