Opec+ output cuts and record US crude exports are also providing fundamental support, CMC Markets analyst says
London — Oil prices rose on Tuesday, recouping losses from the previous session, as a weaker dollar offset widening Covid-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.
The gains came as the dollar sank from a one-week high against a basket of major peers on Tuesday, with traders weighing the odds of a less aggressive Federal Reserve at Wednesday’s monetary policy meeting. A weaker greenback makes dollar-denominated oil cheaper for buyers holding other currencies, boosting demand for the commodity.
Dwindling supply, the possible halt of the US Strategic Petroleum Reserve release, and reinvigorated demand could also send oil above $100/bbl again, said Tamas Varga of oil broker PVM.
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