US Crude Nears $102 a Barrel

25 May 2011 (Last Updated May 25th, 2011 18:30)

US crude climbed to $101.65 a barrel today, as the dollar weakened and US distillate stocks fell unexpectedly. US crude gained 33¢ to stand at $101.65 a barrel, while Brent crude for July edged up 7¢ to $115.00 a barrel. The price of oil rose due to the weak dollar

US crude climbed to $101.65 a barrel today, as the dollar weakened and US distillate stocks fell unexpectedly.

US crude gained 33¢ to stand at $101.65 a barrel, while Brent crude for July edged up 7¢ to $115.00 a barrel.

The price of oil rose due to the weak dollar and the unexpected drop in US distillate stocks that overshadowed gains in petrol and crude inventories, reports Reuters.

Petrol stocks rose by 3.79 million barrels, while crude stocks showed a modest gain of 616,000 barrels.