Oil prices rise on U.S. crude stock decline, weaker dollar
"Oil prices are being supported by a raft of factors including underlying strength in the U.S. economy shown in better than expected factory and nonfarm payroll data and Chinese regulators` attempts to cut excess supply in steel and other industries," said Michael McCarthy, chief market strategist at Sydney`s CMC Markets.
Oil prices have rallied since the Organization of Petroleum Exporting Countries (OPEC) and Russia reached a landmark agreement last week. Photo: Reuters