Home Commodities Oil rises $1 as US dollar slips to one-week low, investors shift...

Oil rises $1 as US dollar slips to one-week low, investors shift focus to global economy; Brent at $88/bbl

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Oil prices rose a dollar a barrel on Tuesday, April 23, as the US dollar index fell to its lowest in over a week and as oil investors shifted focus away from the ongoing geopolitical issues in the Middle East to the state of global economies. The US dollar index weakened after latest S&P Global data showed US business activity cooled in April to a four-month low on a weaker demand.

Brent crude futures rose $1.04, or 1.2 per cent, to $88.04 a barrel. US West Texas Intermediate crude futures rose $1.10, or 1.3 per cent, to $83.00 a barrel, according to news agency Reuters. Coming to domestic prices, crude oil futures rose 1.35 per cent to 6,926 per barrel on the multi commodity futures (MCX).

What’s influencing crude oil prices?

-A cheaper greenback typically lifts demand for dollar-denominated oil from investors holding other currencies. More support for prices came from Euro Zone data that showed business activity expanding at the fastest pace in nearly a year this month.

more to come

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