Home Stock Oil prices rose higher as the dollar was under new pressure, Libya...

Oil prices rose higher as the dollar was under new pressure, Libya was force majeure


Futures prices rose higher on Tuesday, driven by a depreciating US dollar and the cessation of crude exports from a Libyan port.

West Texas Intermediate crude for May delivery
CL.1,
+ 0.35%

CLK21,
+ 0.35%

increased 17 cents or 0.3% to $ 63.55 / barrel on the New York Mercantile Exchange. WTI in June, the most active contract, rose 25 cents, or 0.4%, to $ 63.68 / barrel. June Brent crude oil
BRN00,
+ 0.48%

BRNM21,
+ 0.48%
,
global standards, up 34 cents, or 0.5%, at $ 67.39 / barrel on ICE Futures Europe.

The weaker US dollar “continues to support the cargo complex, with the USD index trading to its lowest level since the beginning of March,” said Warren Patterson, head of commodity strategy at ING. in a note. “This has helped push ICE Brent back above $ 67 a barrel despite concerns about oil demand in some regions.”

ICE US Dollar Index
DXY,
-0.01%
,
The monetary measure against a basket of six major rivals, has fallen slightly at 91.05 after trading as low as 90.86 and has fallen about 2.5% this month. A weaker dollar can support currency-denominated goods, making them cheaper for users of other currencies.

The US has recorded an average of 67,175 new coronavirus infections every day for the past week, up 4% from the average two weeks ago. Meanwhile, the global number of cases almost hit a record of more than 750,000 on Sunday and Monday, according to the Washington Post, as India and Brazil are still hot spots.

On Monday, the National Petroleum Corporation of Libya declared force majeure on crude oil exports from the eastern port of Hariga, with a subsidiary, Agoco, forced to reduce output due to lack of capital, Patterson noted.

The disruption could cause the country’s output to drop 280,000 bpd, falling below 1 million bpd for the first time since October, he said, after output rebounded sharply late last year after unloading. give up oil blockade order.

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