Oil hits new peak above $144 on dollar, supply concerns

SINGAPORE (Reuters) – Oil hit fresh records on Thursday for the fifth time in six sessions, as the dollar fell on gloomy U.S. jobs data and a broad equity sell-off, and a higher than expected fall in U.S. crude stocks raised supply concerns.

U.S. crude rose as much as 87 cents to $144.44 a barrel, before easing back to $144.25 by 0155 GMT. The contract touched a previous peak of $144.32 on Wednesday.


London Brent crude rose as much as 85 cents higher at a record $145.11.

The dollar hit a two-month low against the euro on Thursday after a report a day ago showed U.S. private employers cut the most jobs in nearly six years and as the U.S. Dow Jones industrial average (.DJI) sank into bear market.

Later on Thursday, traders will focus on the outcome of a European Central Bank meeting, which may result in an interest rate hike that could weaken the U.S. dollar further.

Reuters