Losses to the U.S. dollar tugged down West Texas Intermediate crude oil futures on Thursday as the energy commodity slipped toward its lowest value in about five months, Bloomberg reports.
The world's reserve currency slumped after President Mario Draghi with the European Central Bank said in Germany that keeping borrowing costs low can prove to be perilous. Crude oil futures climbed about 0.4 percent after having dropped 0.5 percent earlier during the trade session. Six mortar shells dropped in Saudi Arabia, near the Iraq and Kuwait borders, which also spurred the energy commodity higher.
"At the moment I don't think it's too much to worry about, but obviously if it is repeated and/or retaliations take place, it would directly spill over into oil prices," analyst Michael Poulsen with Global Risk Management in Middelfart, Denmark told the publication on Thursday.
At 9:15 a.m. on Thursday, WTI crude oil futures rose 0.54 percent, a 51-cent lift to $94.36 per barrel. Brent crude oil futures edged up 0.23 percent, a quarter gain to $108.31 per barrel.
Reuters reports the chairman of the Shanghai Futures Exchange said on Thursday that the exchange is driving toward pricing crude oil futures contracts in yuan.
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