Investing.com - U.S. oil futures moved higher on Friday, after six consecutive sessions in the red as a weaker U.S. dollar lent support to the commodity and as concerns over a potential British exit from the European Union, Brexit, temporarily eased.
U.S. crude futures for July delivery jumped 1.43% to $46.87 a barrel, after hitting an one-month low of 45.84 on Thursday.
On the ICE Futures Exchange in London, the August Brent contract rallied 1.91% to $48.09 a barrel, off the previous session’s one-month trough of 46.95.
The U.S. dollar weakened broadly after the Federal Reserve kept rates unchanged at the conclusion of its two-day policy meeting on Wednesday and lowered forecasts for how much they expect to hike interest rates in the next few years.
Sentiment on the greenback also remained vulnerable after the U.S. Department of Labor said on Thursday that the number of individuals filing for initial jobless benefits in the week ending June 11 increased by 13,000 to 277,000.
In addition, the U.S. Commerce Department said consumer prices rose 0.2% in May, compared to expectations for a 0.3% gain. Year-over- year, consumer prices were 1.0% higher last month, below expectations for a 1.1% gain.
Investors were now eyeing the release of data on U.S. building permits and housing starts later in the day, for further indications on the strength of the economy.
Meanwhile, concerns over a possible Brexit temporarily subsided as campaigning for the June 23 referendum was halted late Thursday, after a pro-EU British lawmaker, Jo Cox, was shot to death while meeting with constituents.