Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy's recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers.
MELBOURNE - Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers.
U.S. West Texas Intermediate crude futures gained 27 cents, or 0.7%, to $41.87 a barrel, building on a 0.75% rise on Monday. “Oil prices will continue to draw support from the Fed’s dovish policy, which sees the U.S. dollar move lower,” AxiCorp market strategist Stephen Innes said in a note.
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