oil prices rise on weaker dollar
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices rise on weaker dollar

Arab Today, arab today

Arab Today, arab today Oil prices rise on weaker dollar

Oil
New York - Xinhua

Oil prices rose on Wednesday as weaker U.S. dollar outweighed concerns for global crude glut.

The U.S. dollar dropped against other major currencies on Tuesday as the Federal Reserve kicked off its two-day policy meeting. The dollar index, which measures the greenback against six major peers, was down 0.88 percent at 99.548 in late trading.

A weaker dollar makes greenback-dominated commodities like crude oil less expensive and more attractive to holders of other currencies.

Oil prices dipped in previous two sessions amid investor concerns on possible lingering global crude glut.

The West Texas Intermediate for March Delivery added 0.18 dollars to settle at 52.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.47 dollars to close at 55.70 dollars a barrel on the London ICE Futures Exchange.

source: Xinhua

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