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Tuesday, March 2, 2021

Oil Up, Boosted by Weakened Dollar

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(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

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