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The U.S. currency slipped to a two-month low
against a basket of currencies as the euro and yen rallied,
making oil less expensive for holders of other currencies.
"The dollar has been the big factor," said Bjarne Schieldrop,
chief commodities analyst at SEB in Olso.
"The dollar index broke below its 60-day moving average on
Monday this week for the first time since July and it is only
1.1 percent away from breaking below its 120-day moving
average," he said.
U.S. crude oil <CLc1>, known as West Texas Intermediate, or WTI,
hit a high of $59.40 a barrel, its highest since Dec. 12, before
easing back to trade around $59.00 by 1035 GMT (6.35 a.m. EDT).
Brent crude oil <LCOc1> was unchanged at $65.84 a barrel.
Oil was also supported by news on Wednesday of the first crude
stock draw in almost half a year at the U.S. futures hub at
Cushing, Oklahoma.
U.S. oil inventories have been rising steadily for months but
have begun to level off in recent weeks as domestic production
has eased and refinery demand has picked up, helping balance the
market.
A Reuters survey of 32 analysts on Thursday predicted Brent
would average $60 a barrel in 2015, up 80 cents from the
projection in last month's survey. [O/POLL]
The poll forecast prices would be depressed by high global oil
inventories, with U.S. crude stocks at an all-time record.
U.S. oil production would be "more robust than expected", Frank
Klumpp, an analyst at LBBW, said.
Analysts say ample global supplies, and the chance of extra
Iranian volumes hitting the market if sanctions are lifted in
the middle of the year, will keep prices under pressure.
Tamas Varga, oil analyst at London brokerage PVM Oil Associates,
said the U.S. oil market was strong but he thought sentiment
could be about to turn after such a strong rally.
"WTI structure is strengthening, but I think this is a rally to
sell into," Varga said.
(Additional reporting by Henning Gloystein; editing by Keith
Weir and David Clarke)
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