Oil records fifth consecutive gains as dollar drops
Oil prices rose for the fifth trading day in a row on Friday as the U.S. dollar hit a five-month low against the euro, Xinhua reported.
Crude prices have jumped around 30 percent this month, the largest monthly rise since March 1999, boosted by expectations of a global economic recovery later this year.
Light, sweet crude for July delivery rose 1.23 dollars, or 1.9 percent, to settle at 66.31 dollars a barrel on the New York Mercantile Exchange, after touching 66.47 dollars, the highest since early November.
On the foreign exchange market, the dollar weakened beyond the 1.41 mark against the euro for the first time this year, making oil an attractive investment alternative.
Meanwhile, some positive economic indicators in the United States, Japan and India also boosted the oil market on Friday.
According to the U.S. Commerce Department, gross domestic product shrank at a 5.7-percent annual rate during the first quarter, better than an initial estimate of 6.1 percent.
In Asia, India reported a higher-than-expected first-quarter growth of 5.8 percent while Japan's April industrial production climbed 5.2 percent, faster than the 3.3 percent expected by economists, which made investors think that the worst of the recession might have passed.
In London, Brent crude rose 1.13 dollars, or 1.7 percent, to settle at 65.52 dollars a barrel on the ICE Futures Exchange.