NEW YORK-Oil prices pushed higher on yesterday, on pace to post its eighth consecutive monthly rise, lifted by the weak dollar and turmoil in North Africa and the Middle East that offset concerns about slowing US economic growth and the threat to demand from high prices.On the last trading day of April, both Brent and US crude were heading for an eighth consecutive month of gains.The US string would be the longest run of monthly increases since 1983 when the light sweet crude contract was introduced on the New York Mercantile Exchange, according to Reuters data.
Traders also eyed US front-month May gasoline and heating oil futures that expire at the end of yesterday's session.Both US and Brent crude bounced from early dips after euro zone data showed the inflation rate rose further above the European Central Bank's target in April, helping push the dollar index against a basket of major currencies .DXY to a three-year low.Brent crude for June delivery rose 61 cents to US$125.63 a barrel by 12.24 pm. Brent's 2011 peak of US$127.02 was reached on April 11.US crude for June rose 54 cents to US$113.40. (Reuters)
