Oil futures erase a bounce as the U.S. dollar resumes its push higher.
Oil futures erased an early bounce to turn lower as the U.S. dollar resumed a push higher while investors weigh fears of a global economic downturn against tight crude supplies.
Price action Market drivers Crude prices rose in Asian trade Tuesday, but saw gains slip as the U.S. dollar resumed its push higher. The ICE U.S. Dollar Index DXY , a weighted measure of the greenback against a basket of six major currencies, was up 0.2%, trading around 2% below a 20-year high set at the end of last month. A stronger dollar can be a weight on commodities priced in the unit, making them more expensive to users of other currencies.
Strong gains for U.S. equities and a weaker dollar on Monday failed to push oil prices higher, noted Warren Patterson, head of commodities strategy at ING, in a note.
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