West TX Oil Around $60 on Weak Dollar

Oil prices rose for a third straight day on Thursday, helped by a weaker dollar and data showing draws this week at the delivery point for U.S. crude futures.  U.S. July crude closed up 53 cents, or 0.88 percent, at $60.45 a barrel. Brent crude for August rose to 40 cents to $65 a barrel.

The dollar fell to a one-month low against a basket of currencies after the Federal Reserve disappointed investors who had hoped for a clearer signal on when the U.S. central bank will lift interest rates. Hopes for a positive conclusion to the Greek fiscal crisis also lifted the euro.

Market intelligence firm Genscape reported a draw of about 870,000 barrels at the Cushing, Oklahoma delivery point for crude in the week to Tuesday, according to market sources who saw the data. Between Friday and Tuesday alone, some 1.2 million barrels were drawn.


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