Oil prices rise as dollar weakens - Reuters
Kyiv • UNN
Oil prices rose sharply due to the weakening US dollar: Brent crude oil futures jumped 1.6% to $88.42 per barrel, while WTI crude oil futures rose 1.8% to $83.36 per barrel.
The price of oil is rising rapidly due to the fall of the dollar. This is reported by Reuters, according to UNN.
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On Tuesday, oil prices rose sharply, drawing investors' attention to economic indicators as the dollar declined.
Brent crude oil futures jumped 1.6% to $88.42 per barrel, while West Texas Intermediate futures rose 1.8% to $83.36 per barrel.
This movement in the oil market was the result of a drop in the US dollar index to its lowest level in a week. The shift in focus from tensions in the Middle East to the global economy has led to increased interest in oil markets.
According to S&P Global, business activity in the United States fell to a four-month low in April, causing the dollar to weaken. This usually leads to an increase in demand for oil, as investors look for shades in other currencies.
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On Tuesday, the American Petroleum Institute reported that U.S. crude oil and gasoline inventories declined last week, but distillates, including diesel and fuel oil, rose, according to market sources.
