Dollar gains against euro as oil prices rise

The U.S. dollar gained against the euro on Thursday as price swings in crude-oil futures continued to dictate the direction for currency markets.

Oil prices gave up big gains after an official from Saudi Arabia was quoted as saying the world’s swing producer was “not prepared” to cut oil production.

Light, sweet crude futures for delivery in March CLH6, -0.42% which were up as much as 3% earlier, settled 0.4% higher at $30.77 a barrel on the New York Mercantile Exchange, losing ground after a Saudi official said the country was “not prepared” to cut production and U.S. crude and product inventories rose. Oil prices have rebounded about 17% from their lows at $26.21 a barrel a week ago.

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