Brent crude oil, the international oil benchmark, rose above $50 a barrel for the first time since November. The July contract gained 0.7 per cent to $50.08 a barrel today, while WTI oil futures, rose 0.6 per cent to $49.86.
Helping boost oil prices were reports showing US crude inventories had fallen more than expected last week.
In other news, during the Asian session, Australian Capex data showed that private capital expenditure fell more than expected, fell 5.2 per cent in the first quarter. This was more than the 3.5 per cent decline economists had expected. However the reading for the previous quarter, originally rise of 0.8 per cent, was revised up to growth of 1.8 per cent. While the Capex data disappointed, investors were encouraged by the forecasts for spending next year that came in at A$89.2bn, which was A$2.5bn above economists’ expectations.
The Australian dollar reversed early declines to be 0.2 per cent higher at $0.7209.
The dollar index, a measure of the US currency against a basket of global peers, was down 0.2 per cent in Asia on Thursday at 95.186, which was broadly providing support to other commodity prices. An index of base metals prices on the London Metal Exchange rose overnight, while gold was up 0.6 per cent to $1,231.70 an ounce in Asia.
The yen was 0.5 per cent stronger at ¥109.67 per US dollar.
Source:: Brent oil futures rise above $50