Economic news

Oil rises with the help of weak U.S. dollar

Oil prices rose on Tuesday, thanks to a weakened U.S. dollar, disruptions in oil supplies from Libya and comments from officials concerning OPEC possible expansion of the deal.

However, crude futures were weighed down by the resumption of U.S. shale oil productions and expectations that the reserves of the country could seriously affect the oil prices.

Brent crude futures LCOc1 gained 48 cents since their last closure in the range of $51.23 per barrel.

WTI futures rose 48 cents to $48.21 per barrel.

Traders said that Brent crude rebounded from testing a $50 a barrel support on Monday, as futures were supported by the weak U.S. dollar.

Brent and WTI jumped more than 20 cents per barrel after it became clear that oil production in Libya dropped by about a third, or 252,000 barrels per day because armed groups blocked oil fields Sharara and Wafa

To leave a comment you must or Join us

  • avatar-2146
    • #

    Even if the us dollar will be weak during the long period of time it doesn't help if the U.S. doesn't stop to increase its oil inventories.

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree