Oil futures rise Monday, on track for a three-day winning streak, as the U.S. dollar continues to pull back from multidecade highs and investors turn...
Oil futures rose early Monday, on track for a three-day winning streak, as the U.S. dollar continued to pull back from multidecade highs and investors turn their attention to supply issues.
Price actionMarket drivers The ICE U.S. Dollar Index DXY was down 0.8%, extending a pullback from a 20-year high as the euro EURUSD bounced. A stronger dollar had been blamed partly for a slide that saw crude last week drop to its lowest since January, while fears over the outlook for demand also weighed on the complex... Oil futures rose early Monday, on track for a three-day winning streak, as the U.S.
Price action Market drivers The ICE U.S. Dollar Index DXY was down 0.8%, extending a pullback from a 20-year high as the euro EURUSD bounced. A stronger dollar had been blamed partly for a slide that saw crude last week drop to its lowest since January, while fears over the outlook for demand also weighed on the complex as investors focused on aggressive monetary policy tightening by the Federal Reserve and other major central banks.
A stronger dollar is seen as a weight on commodities priced in the unit, making them more expensive to users of other currencies. Developments around Iran nuclear talks may also be supportive, analysts said.
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