Crude Oil Stays Supported By Pull-Back In Dollar

18 Jul 2022 , 12:32 PM

Crude oil is seen extending recovery on Monday, supported by pull back in US dollar even as rising covid cases in China and possibility of renewed lockdowns could hurt fuel demand. However, concerns of tight oil supplies too supported the commodity. U.S. President Joe Bidens trip to Saudi Arabia has failed to bring a promise of more oil supply on the table. WTI crude futures rose above $97 on Monday and is currently quoting higher by $2 or 2.3% at $96.78. Meanwhile, the dollar index, that measures the greenback against a basket of currencies was down 0.29% at 107.60 as investors are reassessing rate hike path amid improving data from US, reducing the case for an oversized rate hike by the Federal Reserve. Powered by Commodity Insights