Posted by: Market Watch in Market Information 5 minutes in the past Oil futures rose Tuesday, with the U.S. benchmark closing at its highes
Oil futures rose Tuesday, with the U.S. benchmark closing at its highest since Feb. 21 because the U.S. greenback got here below renewed strain. West Texas Intermediate crude for February supply rose 96 cents, or 1.8%, to shut at $53.21 a barrel on the New York Mercantile Change. The transfer got here because the ICE U.S. Greenback Index , a measure of the foreign money towards a basket of six main rivals, fell 0.4% to commerce close to a more-than-2-1/2-year low. A weaker greenback is seen as a lift for commodities, like oil, which might be traded within the foreign money, because it makes them cheaper to abroad patrons. Crude has additionally been underpinned by Saudi Arabia’s choice final week to unilaterally reduce manufacturing by 1 million barrels a day in February and March.Market Pulse Tales are Fast-fire, brief information bursts on shares and markets as they transfer. Go to MarketWatch.com for extra data on this information.
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