Oil closes higher as dollar falls, Brent above $95

Oil drilling rigs

Oil ended the session higher today, Oct. 26, after the release of US inventories data and with a sharp decline in the dollar.

The black gold received some support from the dollar index falling more than 1% today, to its lowest level in three weeks, which makes buying dollar-denominated commodities less expensive for holders of other currencies.

Data from the US Energy Information Administration showed that oil inventories rose by 2.6 million barrels in the week ended Oct. 21, contrary to expectations of a 300,000-barrel decline.

While gasoline stocks in the US recorded a decline of 1.5 million barrels, distillate stocks rose 200,000 barrels.

US oil exports also rose to a new record last week, reaching 5.129 million barrels per day for the first time.

Brent crude futures, the benchmark for December delivery, rose by 2.3%, or $2.17, to settle at $95.69 a barrel.

WTI crude for December delivery also rose by 3%, or $2.59, to record $87.91 a barrel.