On the second day of the business week, brent crude gained 35 cents to $43.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures advanced 27 cents, or 0.7%, to $41.87 a barrel.
According to the details, weakening dollar made oil cheaper for global buyers.
Brent crude futures climbed 35 cents, or 0.8%, to $43.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures advanced 27 cents, or 0.7%, to $41.87 a barrel.
Market Analysts are of the view that “Oil prices will continue to draw support from the Fed’s dovish policy, which sees the U.S. dollar move lower,”
The U.S. dollar dropped to its lowest in nearly two years against a basket of six other major currencies on the back of a surge in U.S. coronavirus cases. Florida and California have now both overtaken the previous epicenter, New York.
“For oil prices to break out higher, there must be a significant flattening of the U.S. Sunbelt COVID-19 case count curve at a minimum,” Analysts said.
In addition to this, Traders will be watching out for U.S. inventory data due from the American Petroleum Institute industry group later on Tuesday and the government on Wednesday.
Benchmarks climbed in Hong Kong, Tokyo and Shanghai after the S&P 500 rose 0.7% overnight.
Tokyo’s Nikkei 225 index up 0.3% to 22,792.76 and the Hang Seng in Hong Kong adding 1% to 24,844.54.
The Shanghai Composite index surged 1.1% to 3,241.44 and the S&P ASX/200 in Sydney gained 0.7% to 6,083.50.
The price of gold jumped $38.80 to $1,969.80 an ounce early Tuesday, up 2% to another record high.
On Wall Street, the S&P 500 climbed 0.6% to 3,239.41.
Furthermore the Dow Jones Industrial Average rose 0.4% to 26,584.77, and heavy buying of technology shares helped push the Nasdaq composite 1.7% higher, to 10,536.27.