Oil prices rise on softer dollar
Oil prices rose in quiet trading on Thursday, supported by strong U.S. economic data, a pause in the U.S. dollar rally and optimism that crude producers would abide by an agreement to limit output, Reuters reported.
Brent futures LCOc1 for February delivery rose by 63 cents to $55.09, or 1.2 percent, per barrel, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude CLc1 rose 54 cents, or 1 percent, to $53.03 a barrel.
The dollar index .DXY, which tracks the greenback against a basket of six currencies, slipped by 0.3 percent as investors took profits after its rise to a 14-year peak earlier this week.