NEW YORK, May 30 (Xinhua) -- Oil prices rallied on Wednesday as a weaker U.S. dollar made the greenback-priced commodity more attractive for holders of other currencies.
The U.S. dollar index decreased against most other major currencies in late trading on Wednesday, as investors digested the newly-released Federal Reserve Beige Book as well as a batch of economic reports.
The dollar index, which measures the greenback against six major peers, dropped 0.71 percent to 94.145 at 3:00 p.m. (2000 GMT).
Oil prices were also supported by media reports that Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018.
Oil prices came under heavy selling pressure last week, after touching highs in three and a half years, following media reports that major crude producers OPEC and Russia were discussing plans to lift production.
The West Texas Intermediate for July delivery rose 1.48 U.S. dollars to settle at 68.21 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 2.11 dollars to close at 77.50 dollars a barrel on the London ICE Futures Exchange.
