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Brent Crude Oil Futures Rise

Friday, June 06 09:22:52

Brent crude oil futures rose and U.S. crude oil pared losses on Thursday in choppy trading as the euro and dollar reacted to the European Central Bank's (ECB) interest rate cut and investors anticipated growing oil demand in Europe.

The dollar initially strengthened against the euro after the ECB cut interest rates to record lows and announced negative interest rates on overnight deposits.

Brent bounced off a three-week low and U.S. crude from a two-week low hit immediately after the ECB announcement.

Crude, priced in dollars, comes under pressure when the greenback rises as it becomes less affordable to holders of other currencies.

U.S. crude lost 16 cents to settle at $102.48, It recovered after dropping to $101.60, its lowest since May 16.

Brent crude rose by 39 cents to settle at $108.79 a barrel, after dropping to $107.77, its lowest since May 9. (Reuters)