Oil Rises 2 Percent on Weak Dollar, Strong Home Starts

By: Associated Press
By: Associated Press

Oil is climbing more than 2 percent on a weaker dollar and an uptick in the U.S. housing market.

Benchmark West Texas Intermediate crude for August delivery gained $2.42 to $98.35 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, gained $1.91 to $117.96 per barrel on the ICE Futures Exchange.

Prices rose as the dollar dropped versus the euro and other major currencies. Oil, which is priced in U.S. currency, tends to rise as the dollar weakens and makes crude barrels cheaper for investors holding foreign money.

Meanwhile, the U.S. government said construction on new homes grew 14.6 percent last month.

Retail gasoline prices also climbed less than a penny overnight to $3.678 per gallon.

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