Oil prices rose more than 2% yesterday on a weaker dollar and expectations that a crude glut would be short-lived due to a steep fall in U.S fuel stocks and a resumption of operations by Texas refiners. U.S West Texas Intermediate crude for April ended the session $1.58 or 2.5% higher, at $66.02. U.S Treasury yields fell yesterday as concern about a strong pick-up in inflation eased and focus turned to an auction of 30-year government debt. The dollar fell for a third straight day and was at its lowest level in a week against a basket of currencies. Fewer than expected Americans filed new claims for unemployment benefits last week as an improving public health environment allows more segments of the economy to reopen. A massive draw on U.S. gasoline stocks has also helped to boost oil prices. Crude inventories, however, rose by 13.8 million barrels in the week to March 5 to 498.4 million barrels, compared with analysts’ expectations in a Reuter’s poll for an 816,000-barrel rise.
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