ATHENS: Oil prices rose on Thursday as a weaker dollar made fuel cheaper for holders of other currencies, and on hopes of a last-minute breakthrough that could keep Greece in the euro zone and help avoid a shock to European economic growth.
The dollar fell 0.5 percent to a one-month low against a basket of currencies. After the Federal Reserve disappointed investors who had hoped for a clearer signal on when the U.S. central bank will lift interest rates.
European finance ministers meet in Luxembourg on Thursday for what could be the last best chance of a political rescue for Greece after other negotiations collapsed. “Oil prices were revived by a weakening dollar,” Phillip Futures analyst Daniel Ang said.
Brent crude for August rose $1.02 to a high of $64.89 a barrel before easing to around $64.75 by 0505 ET.U.S. July crude was up 70 cents at $60.62 a barrel. German Chancellor Angela Merkel said on Thursday it was still possible for Greece to reach an agreement with its international creditors – the European Union, International Monetary Fund and European Central Bank.
