Oil Prices Recover at 56$, US Dollar Weakens
Oil prices rebounded more than $1 toward $56 a barrel on Thursday, after a two-day decline, as a weakened dollar and industry spending cuts offset worries of a supply glut.
Volatility in the oil market has jumped to the highest level since the financial crisis, with prices swinging in a wide range this month following the near 60 percent crash between June and January.
The dollar fell 0.34 percent against a basket of currencies .DXY.
"The dollar is weaker against all the commodities at the moment," said Michael Hewson, chief analyst at CMC Markets.
"We saw a heavy selloff in commodities yesterday and I think that's why we're getting a little bit of a rebound in oil prices on the back of that."
Volatility in the oil market has jumped to the highest level since the financial crisis, with prices swinging in a wide range this month following the near 60 percent crash between June and January.
