Oil prices rise on falling US dollar amid Covid-19 crisis
Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven US dollar which tumbled to multi-year lows.
Brent crude futures climbed 49 cents, or 1.1%, to $45.77 a barrel at 0406 GMT. US West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.9%, to $42.98 a barrel.
Both benchmark contracts fell around 1% on Monday on worries about oil oversupply, with global demand stuck below pre-Covid levels.
The dollar was last down 0.04% at 92.146 against a basket of currencies, after hitting its lowest since May 2018 in the wake of the US Federal Reserve’s policy shift on inflation announced last week.
