Brent oil rises as euro gains against dollar
LONDON (Reuters) – Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone’s top two economies.
The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making dollar-traded commodities more attractive for holders of other currencies.
Brent crude oil was up 74 cents at $55.85 a barrel by 1236 GMT. U.S. light crude oil was up 35 cents at $47.86 per barrel.
Germany, Europe’s largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo’s business climate index showed.