Oil prices rise to 5-month high on weak dollar, US crude stockpiles

Oil also drew support from signs that talks between the White House and Democrats in Congress on a new coronavirus relief package are making progress, although the sides remain far apart

Oil prices rose to their highest since early March on Wednesday after a large decline in US crude inventories and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.

Brent crude was up 70 cents, or 1.6%, at $45.13 a barrel by 1:39 p.m. ET (1739 GMT). West Texas Intermediate oil rose 44 cents, or 1.1%, to $42.14 a barrel.

Both contracts gained over 4% earlier in the session.

US crude inventories fell by 7.4 million barrels last week, the Energy Information Administration said. That exceeded the draw of 3 million barrels analysts predicted in a Reuters poll.

A weaker dollar,