Oil Climbs 1.2 Percent As Dollar Slips Against Euro

Crude oil rose from an 11-week low after the dollar slipped against the euro for the first time in six days, bolstering the appeal of commodities to investors.

Oil climbed 1.2 percent as the greenback declined on a report showing that sales of U.S. new homes dropped in July to the lowest level on record. Prices tumbled earlier when an Energy Department report showed that crude and gasoline stockpiles surged last week as demand fell, Bloomberg reports.

Thursday, the front-month October Brent contract on London's ICE futures exchange recently was $1.05 higher at $74.53 a barrel. The front-month October contract on the New York Mercantile Exchange, called West Texas Intermediate, was 88 cents higher at $73.40 a barrel.

Market attention will likely focus on the strength of the economic recovery after this week's poor U.S. housing sales figures, analysts said. Weekly U.S. initial jobless claims data are due at 8:30 a.m. EDT, Wall Street Journal informs.

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