Oil prices have been buoyed by a US plan announced last week to buy up to 3-million barrels of oil for the Strategic Petroleum Reserve
Singapore — Oil prices edged up on Tuesday, supported by a softer dollar and a US plan to restock petroleum reserves, but gains were capped by uncertainty over the effects of rising Covid-19 cases in top oil importer China.
US West Texas Intermediate crude futures rose 49c, or 0.7%, to $75.68 a barrel, after climbing 90c in the previous session.A weaker greenback has also supported prices, making oil cheaper for those holding other currencies.“The oil demand outlook will be key for how high crude prices can go and that might struggle for clarity as we see mixed signals with China's reopening,” Oanda analyst Edward Moya said in a note.
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