Oil rises on weak dollar, U.S. coronavirus aid hopes

28.07.2020 - Davydova Maria
Oil rises on weak dollar, U.S. coronavirus aid hopes

Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. 

Prices were also buoyed by a weakening dollar, making it easier for global investors to purchase crude at a cheaper amount.

Brent crude futures rose 0.8%, or 35 cents, at $43.76 per barrel. U.S. West Texas Intermediate crude futures climbed 0.7%, or 27 cents, at $41.87 per barrel.

In the U.S. Senate, the Republicans’ proposed $1 trillion coronavirus aid package gained the White House’s support, although Democrats urged for a bigger fiscal package.

Markets are awaiting the Federal Reserve’s policy-setting panel which will meet on Tuesday and Wednesday, where it is anticipated to confirm that it will keep interest rates near zero for the next few years.

U.S. COVID-19 cases continued to surge as Florida and California took over the top spots as the new epicenters of the virus.

Investors are closely watching the U.S. inventory data due on Tuesday and Wednesday. Refined products stockpiles are anticipated to have contracted last week, while crude oil inventories are expected to have steadied.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?