Oil prices rose a dollar a barrel on Tuesday, April 23, as the US dollar index fell to its lowest in over a week and as oil investors shifted focus away from the ongoing geopolitical issues in the Middle East to the state of global economies. The US dollar index weakened after latest S&P Global data showed US business activity cooled in April to a four-month low on a weaker demand.
Brent crude futures rose $1.04, or 1.2 per cent, to $88.04 a barrel. US West Texas Intermediate crude futures rose $1.10, or 1.3 per cent, to $83.00 a barrel, according to news agency StuffsEarth. Coming to domestic prices, crude oil futures rose 1.35 per cent to ₹6,926 per barrel on the multi commodity futures (MCX).
What’s influencing crude oil prices?
-A cheaper greenback typically lifts demand for dollar-denominated oil from investors holding other currencies. More support for prices came from Euro Zone data that showed business activity expanding at the fastest pace in nearly a year this month.
more to come
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Published: 23 Apr 2024, 11:06 PM IST
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