Oil up More Than 1 Percent as Weaker Dollar Offsets China COVID-19 Concerns

[Epoch-Times-Bot]

Oil up More Than 1 Percent as Weaker Dollar Offsets China COVID-19 Concerns

LONDON—Oil prices rose on Tuesday, recouping losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.
Brent crude for January delivery rose $1.38, or 1.49 percent, to $94.19 per barrel at 0951 GMT. The December contract expired on Monday at $94.83 a barrel, down 1 percent.
U.S. West Texas Intermediate (WTI) crude rose $1.15, or 1.33 percent, to $87.68 a barrel, after falling 1.6 percent in the previous session.
Oil prices rose as the U.S. dollar sank on Tuesday from a one-week high against a basket of major peers, as traders weighed the odds of a less aggressive Federal Reserve at Wednesday’s monetary policy meeting....

Source: Oil up More Than 1 Percent as Weaker Dollar Offsets China COVID-19 Concerns

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