RTTNews - Crude oil finished modestly higher amid choppy trading, adding to its strong week. Oil's hedge value was boosted as the dollar continued to fall against other majors.
Light sweet crude for July delivery moved to $61.67, up 62 cents on the session. Oil jumped as high as $61.98 earlier in the day.
The dollar continued its decline against other majors on worries over the U.S. credit rating. The buck fell to its lowest levels of 2009 against both the euro and sterling. The buck also fell to a two-month low versus the yen.
July crude oil, which became the front-month contract on Tuesday, gained $4.67 for the week. Crude touched as high as $62.26 on Wednesday before cooling off as discouraging economic data dashed hopes for improved energy demand.
Earlier in the week, the Energy Information Administration reported U.S. commercial crude oil inventories fell by 2.1 million barrels in the week ended May 15. Experts had forecast a decline of about 1.5 million barrels of crude oil.
There was no major economic news on the schedule ahead of the long weekend. When traders return to work on Tuesday, however, there will be a busy week of economic news awaiting.
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