REUTERS
Oil prices rose on Thursday after the U.S. Energy Information Administration (EIA) reported a 4.2-million-barrel drop in crude supplies for the week ended July 24, more than analysts' expectations for a decrease of 0.2 million, according to a leading business and financial news provider Marketwatch at www.marketwatch.com.
September crude was at $48.13 a barrel, up 15 cents, or 0.3%, on the New York Mercantile Exchange, according to the report.
Gasoline supplies fell on a supply-growth forecast.
A stronger dollar also exerts pressure on oil prices: the U.S. dollar exchange rate versus a basket of six other major currencies rose by 0.24% as the Federal Reserve published results of its meeting announcing it would continue to hold interest rates at a record low – 0-0.25% per annum, in line with analysts' forecast. The Federal Reserve intends to consider a rate increase if the situation in the labor market improves. However, specific terms have not been disclosed.