Crude prices return higher for second straight day

Crude prices rose on Thursday for the second day in a row after bullish statements from OPEC that buoyed prices today, while the dollar gave up ground.
 
U.S. crude futures last traded at $53.12 a barrel, up from the opening price of $52.35, with an intraday high at $53.47, and a low at $52.10.
 
Crude's rise comes after comments from OPEC's general secretary stating that markets are reacting with the decision to cut output, while forecasting a drop in global crude inventories in the second quarter of 2017.
 
Additionally, OPEC expects global demand in 2017 to rise by a million bpd, which would achieve a balance in the markets, specially after the deal to cut production in cooperation with other producers.
 
On the other hand, the dollar fell against main currencies today to a five-week low, which buoyed the greenback-denominated crude futures as they become cheaper to holders of other currencies.