Investing.com – Crude oil futures spiked higher on Thursday, hovering close to the psychologically-important level of USD90-a-barrel as the U.S. dollar came under pressure after the European Central Bank announced measures to boost dollar liquidity.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD89.98 a barrel during U.S. morning trade, jumping 1.21%.
It earlier fell as much as 1.7% to trade at a daily high USD90.14 a barrel.
The ECB announced earlier that it "has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year."
The news sent the greenback lower against most of its major counterparts. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.63% to trade at 76.88, the lowest since September 9.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
Meanwhile, oil prices found further support amid receding concerns over an imminent Greek default, while a successful Spanish bond auction further supported risk sentiment.
Elsewhere, the U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits rose by 11,000 to a seasonally adjusted 428,000 last week, confounding expectations for a decline to 410,000.
A separate report from the Federal Reserve Bank of New York said that manufacturing conditions in the New York-region fell by 1.1 points to minus 8.8 in September from minus 7.7 in August. Analysts had expected the index to improve to minus 4.0 in September.
Also Thursday, official data showed that U.S. core consumer price inflation rose 0.2% in August, in line with market expectations, while consumer prices including food and energy costs rose 0.4% last month, above expectations for a 0.2% gain.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery surged 2.93% to trade at USD112.50 a barrel, up USD22.52 a barrel on its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD89.98 a barrel during U.S. morning trade, jumping 1.21%.
It earlier fell as much as 1.7% to trade at a daily high USD90.14 a barrel.
The ECB announced earlier that it "has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year."
The news sent the greenback lower against most of its major counterparts. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.63% to trade at 76.88, the lowest since September 9.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
Meanwhile, oil prices found further support amid receding concerns over an imminent Greek default, while a successful Spanish bond auction further supported risk sentiment.
Elsewhere, the U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits rose by 11,000 to a seasonally adjusted 428,000 last week, confounding expectations for a decline to 410,000.
A separate report from the Federal Reserve Bank of New York said that manufacturing conditions in the New York-region fell by 1.1 points to minus 8.8 in September from minus 7.7 in August. Analysts had expected the index to improve to minus 4.0 in September.
Also Thursday, official data showed that U.S. core consumer price inflation rose 0.2% in August, in line with market expectations, while consumer prices including food and energy costs rose 0.4% last month, above expectations for a 0.2% gain.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery surged 2.93% to trade at USD112.50 a barrel, up USD22.52 a barrel on its U.S. counterpart.