Crude oil prices ended higher this week, posting an eighth straight month of gains as the weaker dollar and turmoil in North Africa and the Middle East. However, the gains were offset by concerns about fuel demand and slowing US economic growth. The expectation that the US Federal Reserve will maintain a loose monetary policy following this week's meeting has helped to fuel oil's rise, weakening the dollar and pushing investors into riskier assets such as commodities.
Brent crude for June settled at US$125.89 a barrel, gaining 7.3 percent for the month, touching a 2011 high of US$127.02 on 11 April. The US crude for June settled at US$113.93 a barrel. 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.
