Oil futures rise as dollar skids to 11-month low

Oil futures advanced for the sixth session in seven, as the dollar tumbled to the lowest since last August, amid a lack of data from the US, the world's largest energy consumer. 

As of 05:00 GMT, US crude futures due on August 16 rose 0.70^ to $46.34 a barrel from the opening of $46.02, while Brent crude futures due on September 15 rallied 0.72% to $48.77 a barrel from the opening of $48.42, as the dollar index fell 0.58% to 94.57 from the opening of 95.13, marking an eleven-month nadir. 

Oil's gains were boosted by dollar's slump following a spate of downbeat US data recently, which pretty much ruled out another interest rate hike this year by the Federal Reserve as inflation moves away from the 2% target. 

Otherwise, earlier data this week from China, the world's second largest economy, showed the seasonally adjusted reading for second quarter GDP growth at 1.7%, matching expectations and up from 1.3% in the first quarter. 

Oil futures were bolstered for the second week in a row as demand climbed in China and overpowered oversupply concerns around the globe. 

China imported 8.55 million bpd of crude oil in the first half of the year, up 14% y/y, making China the world's largest oil importer and overtaking the US in that regard.