 "Oil price rises on weaker dollar, Saudi commitment to cut output")
Oil prices rose on Tuesday, supported by a falling US dollar and Saudi Arabia saying it would adhere to Organisation of the Petroleum Exporting Countries (Opec)’s commitment to cut output.
The dollar fell by 0.6 percent against a basket of currencies on Tuesday after US President-elect Donald Trump said the strong greenback was hurting US competitiveness. Brent crude futures, the international benchmark for oil prices, were up 76 cents at $56.52 a barrel by 14:51 GMT, having risen earlier by more than $1 to a session high of $56.95 a barrel.
US West Texas Intermediate (WTI) crude futures were up by 82 cents at $53.19 a barrel. The contract also rose more than $1 to a session high of $53.52 a barrel. “The rise is more or less related to the weaker dollar, which has lifted most commodities today (Tuesday),” said Carsten Fritsch, commodity analyst at Commerzbank.
Gains were capped by rising US production and scepticism that Opec as a whole would comply with its commitment to reduce supplies.
Traders said oil drew some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the agreement between Opec and other producers, such as Russia.
Reuters
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%