Oil advances as dollar scores modest gains

Oil futures rose in American trade even as the dollar index gained ground, following earlier data from the US, the world's largest energy consumer. 

As of 06:47 GMT, US crude futures due on September 15 rose 0.60% to $47.06 a barrel from the opening of $46.78, while Brent crude futures due on October 16 added 1.35% to $50.95 a barrel from the opening of $50.27, as the dollar index edged up 0.11% to 93.65 from the opening of 93.54. 

Earlier US data showed unemployment claims fell past expectations, while the Philly manufacturing index slowed down in August to 18.9 from 19.5, besting expectations of 18.3, and finally, industrial production slowed down more than expected last month, as the Capacity Utilization Rate steadied in line with expectations. 

 Yesterday, the Energy Information Administration released its report on US crude stocks, showing a big drawdown of 8.9 million barrels in the week ending August 11, compared to 6.5 million in the previous reading, while analysts expected a fall of 3.0M, with total stocks now falling to 466.5 million barrels, remaining within the uppermost range on average in this time of year.

Otherwise, gasoline stocks remained pretty much the same last week, while distillate inventories rose 0.7 million barrels, both remaining within the uppermost range on average in this time of year.