13.1 C
New York
Thursday, May 6, 2021

Oil Up, Boosted by Weakened Dollar

Must read

Hong Kong activist Joshua Wong jailed for further 10 months over June 4 assembly

Sports & General12 minutes ago (May 05, 2021 11:30PM ET) (C) Reuters. FILE PHOTO: Pro-democracy activist Joshua Wong is seen in Lai Chi Kok Reception...

SpaceX Starship rocket prototype achieves first safe landing

Sports & General22 minutes ago (May 05, 2021 11:21PM ET) 3/3 (C) Reuters. SpaceX conducts a test launch of its SN15 starship prototype from the company's...

Asia shares, commodities firm on recovery bets; A$ hit by China move

Stock Markets27 minutes ago (May 05, 2021 11:16PM ET) (C) Reuters. FILE PHOTO: A man works at the Tokyo Stock Exchange after market opens in...

Judge puts hold on ruling voiding U.S. moratorium on evicting renters

(C) Reuters. FILE PHOTO: A "For Rent" sign is posted outside a residential home in Carlsbad, California, U.S. on January 18, 2017. REUTERS/Mike...
imageCommodities33 minutes ago (Sep 01, 2020 12:09AM ET)

(C) Reuters.

By Gina Lee

Investing.com – Oil was up on Tuesday morning, with investors retreating from a weakened dollar and into risk assets.

The dollar hit a more than two-year low on Tuesday as investors continue to digest the previous week’s policy shift on inflation announced by the U.S. Federal Reserve.

“The policy shift really cements the fact that you’re looking at negative real rates for the U.S. which will not be great for the U.S. dollar. That’s good for commodities,” BetaShares chief investment officer Louis Crous told Reuters.

Brent oil futures jumped 1.06% to $45.76 by 12 AM ET (5 AM GMT) and WTI futures rose 0.92% to $43. Both Brent and WTI reversed Monday’s losses, attributable to worries over the slow fuel demand recovery from COVID-19 and fears of an oversupply.

Producers are paying attention to the pace of the recovery, with countries continuing to battle fresh COVID-19 outbursts and impose rolling lockdown measures.

“This has created plenty of uncertainty about whether demand for transportation fuels will ever return to normal,” ANZ Research said in a note.

Meanwhile, investors are now looking to the American Petroleum Institute (API)’s figures on crude oil supply, due later in the day.

Oil Up, Boosted by Weakened Dollar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Hong Kong activist Joshua Wong jailed for further 10 months over June 4 assembly

Sports & General12 minutes ago (May 05, 2021 11:30PM ET) (C) Reuters. FILE PHOTO: Pro-democracy activist Joshua Wong is seen in Lai Chi Kok Reception...

SpaceX Starship rocket prototype achieves first safe landing

Sports & General22 minutes ago (May 05, 2021 11:21PM ET) 3/3 (C) Reuters. SpaceX conducts a test launch of its SN15 starship prototype from the company's...

Asia shares, commodities firm on recovery bets; A$ hit by China move

Stock Markets27 minutes ago (May 05, 2021 11:16PM ET) (C) Reuters. FILE PHOTO: A man works at the Tokyo Stock Exchange after market opens in...

Judge puts hold on ruling voiding U.S. moratorium on evicting renters

(C) Reuters. FILE PHOTO: A "For Rent" sign is posted outside a residential home in Carlsbad, California, U.S. on January 18, 2017. REUTERS/Mike...

China to suspend economic dialogue mechanism with Australia

Economy32 minutes ago (May 05, 2021 11:10PM ET) (C) Reuters. FILE PHOTO: Australian flag flutters in front of the Great Hall of the People during...