SULAIMANI (ESTA) — Oil prices edged higher on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States.
Brent crude futures rose by 87 cents to $67.92 a barrel at 0621 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 70 cents to $64.08 a barrel.
Buyers using other currencies pay less for dollar-denominated oil when the greenback weakens.
“U.S. dollar weakness continues to offer support to the commodities complex … despite concerns over oil demand in certain regions,” Reuters quoted ING Economics as saying in a note.
The dollar index slumped to a six-week low against other major currencies on Monday following a plunge in U.S. Treasury yields last week and remained near the low at 91.055 on Tuesday, according to Reuters.
However, surging coronavirus cases in India, the world’s third-biggest oil importer and consumer, dampened optimism for a sustained recovery in global fuel demand.
