Oil prices extend gains

Singapore
Oil prices extended gains in Asia Wednesday on a weaker dollar and expectations the latest US crude-oil inventories report will show a decline, easing a global supply glut, analysts said.
US benchmark West Texas Intermediate (WTI) for June delivery gained 58 cents to $61.33 while Brent crude for June rose 44 cents to $67.30 in afternoon trade.
WTI surged $1.50 in New York while Brent closed up $1.95 in London, gaining support from a weaker US dollar.
The greenback bought 119.78 yen in Asia on Wednesday, down from 119.90 in New York on Tuesday and 120.11 on Monday. A weaker greenback makes dollar-priced oil cheaper for buyers using weaker currencies, boosting demand and pushing global prices higher. Daniel Ang, investment analyst at Phillip Futures in Singapore, said prices are also supported by expectations of a “further drop in US stockpiles this week”.