Oil extends gains as Brent nears $65

Oil prices rose today as US dollar fell against a basket of currencies after the market absorbed the US inventories data while Saudi Arabia resumed its supply capacity.

Wall Street Journal reported that Saudi Arabia has requested to buy 20 million barrels from the Iraqi company SOMO to be urgently supplied to the  facilities that were damaged in recent the attacks.

The US Energy Information Administration (EIA) revealed yesterday that oil inventories rose by 1.1 million barrels, surpassing forecasts of a drop by 2 million.

Baker Hughes will unveil the  US oil and gas rigs count tomorrow.

As of 16:21 GMT, the dollar index fell by 0.2% to 98.4 points, with a high of 98.6 and a low of 98.2.

As of 16:21 GMT, WTI by 0.9% to $58.6 a barrel, with a high of $59.5  and a low of $58.08.

Brent rose 1.8% to $64.7 a barrel, with a high of $65.5 and a low of $63.4.