Brent rallies 4% on Iran, German data, but strong dollar curbs rise

Oil prices rose on Thursday on strong German economic data and uncertainty about negotiations on Iran’s nuclear program, even as a strong dollar curbed oil’s bounce a day after futures tumbled 6 percent.



Brent crude rallied 4 percent intraday as European equities strengthened on German industrial output and trade data and Greece’s repayment of a loan to the International Monetary Fund.



Brent May crude rose $1.02 to settle at $56.57 a barrel, having reached $58.02.



US May crude rose 37 cents to settle at $50.79, after hitting $52.07. US crude’s Tuesday close near $54 was the strongest since Dec. 30.



Government data on Wednesday showed US crude inventories surged 10.95 million barrels to a record 482.4 million last week, the biggest weekly gain in 14 years.



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Posted in: Indian Market Tips