Oil Prices witnessed gains for the second straight day of the business week (Tuesday) reaching its highest level in over 5 months.
According to the details, Brent crude futures climbed 27 cents, or 0.6%, to $45.55 a barrel at 0055 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.5%, to $42.82 a barrel.
Both benchmark contracts fell around 1% on Monday on concerns about oil oversupply with global demand stuck below pre-Covid-19 levels.
The dollar was last down 0.04% at 92.146 against a basket of currencies, after hitting its lowest since May 2018, continuing to fall in the wake of the U.S. Federal Reserve’s policy shift on inflation announced last week.
The weakening U.S. dollar makes oil and other commodities priced in dollars more attractive to international customers.
Analysts are of the view that overall, the market remains focused on the stalled recovery in fuel demand as countries continue to battle the coronavirus pandemic with rolling Covid-19 lockdowns.