Dollar recedes from seven-month peak, lifts oil

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Dollar recedes from seven-month peak, lifts oil

By John Geddie LONDON (Reuters) – The U.S. dollar fell from a seven-month peak on Wednesday, combining with signs of an easing supply glut to help lift oil prices back towards a one-year high. A weaker dollar boosts oil, which gained around 1 percent on Wednesday, since it makes fuel cheaper for countries using other currencies. The bounce in commodity prices has helped bolster inflation expectations in the euro zone, nudging the bloc's bond yields further away from the record lows struck after Britain voted to leave the European Union in June.
A man walks past a currency exchange bureau advertisement showing an image of the U.S. dollar in Cairo

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