New York:(February 15, 2018 ): Oil prices rallied on Wednesday, shaking off earlier weakness as US crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than end supply cuts too early.
Markets also benefited from more weakness in the dollar, which dropped 0.7 percent after stronger-than-expected US consumer inflation figures. 
Oil tends to move inversely to the dollar, and has also of late been trading in tandem with stocks, which finished the day up more than 1 percent.
“The demand fundamentals in today’s report were really strong,” Richard Hastings — the macro strategist at Charlotte, North Carolina-based Seaport Global Securities — said.
“At the same time, you’ve got a little bit of a weaker dollar day on inflation and that could be that some of the price reaction here.”
Brent crude futures settled up $1.64 a barrel (2.6 percent) to $64.36 a barrel. US West Texas Intermediate crude futures gained $1.41 (2.4 percent) to $60.60 a barrel.
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