Daily Times

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling US crude inventories. Brent crude fell 23 cents to $44.94 a barrel by 1100 GMT, while US crude was down 48 cents at $41.71, breaking a four-day streak of gains. The two benchmarks had risen to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in US crude stockpiles. A weaker US dollar was also supportive for oil prices as it makes dollar-priced oil cheaper for holders of other currencies. The dollar index, which measures the greenback against a basket of six major currencies, logged its biggest monthly percentage fall in a decade in July and a Reuters poll found analysts expected it to continue falling into next year. The index was up around 0.06% Thursday after falling for two sessions but stayed near two-year lows.