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Oil edges higher on weaker dollar, demand optimism
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FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S.
(Reuters)
. Updated: 20 Apr 2021, 06:38 AM IST Bloomberg
In the US, refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of coronavirus infections.
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Oil edged higher toward $64 a barrel, aided by a weaker dollar, as traders monitored a patchwork demand recovery from the pandemic.
West Texas Intermediate rose 0.3% in Asia after closing modestly higher on Monday. In the U.S., refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of coronavirus infections. The dollar fell for a sixth straight session on Monday, boosting the appeal of commodities priced in the currency.
SINGAPORE: Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures to boost demand.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9 per cent. US West Texas Intermediate crude futures for March advanced 60 cents, or 1.1 per cent, to $57.45 a barrel, the highest since January last year. Saudi Arabia s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, is helping to balance global markets and support prices.