U.S. crude returns to near seven-month height

Crude prices rose today to near seven-month highs as the dollar dropped against a basket of rivals, while prices held their ground on expectations of higher American demand. 

U.S. crude futures last traded at $49.65 a barrel, compared to the opening price of $48.82, with a session-low at $48.69, and a high at $49.86. 

OPEC closed their biannual meeting last week without reaching a deal on capping production, raising worries in the oil markets, but expectations of higher U.S. demand in the summer stabilized crude prices and prodded it higher. 

Crude also found support from the dollar's sharp decline against a basket of rivals to a three-week trough following forecast-missing employment data. 

The dollar index, which gauges the U.S. currency's performance versus a basket of major peers, last traded at 94.05, compared to the opening of 94.11, with a session-low at 94.01, and a high at 94.26, after the index hit a three-week trough last Friday at 93.86 following the dismal payrolls report.