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Brent crude rises to more than $107 over strong dollar

3 May 2012

Brent crude oil held steady at more than $107 a barrel as a stronger dollar and rising US crude stocks offset worries about Iranian threats to stop vital oil trade through the Straits of Hormuz.

Brent rose 14 cents to $107.70 a barrel, while US crude rose 23 cents to $99.59 a barrel, reported Reuters.

The American Petroleum Institute said crude stockpiles rose by 9.6 million barrels last week, much higher than analysts' expectations for a 1.7 million barrel drawdown.