Oil prices climb on weaker dollar, U.S. stocks drawdown

20.04.2021 - Korneychuk Evgeniya
Oil prices climb on weaker dollar, U.S. stocks drawdown

Oil prices climbed on Tuesday as a weaker dollar boosted commodities and on hopes that U.S. crude stockpiles dropped, but a surge in COVID-19 cases in Asia capped gains.

U.S. West Texas Intermediate crude futures for May, which expires on Tuesday gained 0.8%, or 53 cents, at $63/91 per barrel. The more active June contract rose 0.8%, or 50 cents, at $63.93 per barrel.

Brent crude futures for June contract climbed by 0.8%, or 54 cents, at $67.59 per barrel. As the dollar falls, buyers of oil using other currencies pay less for dollar-priced oil. 

Also boosting prices, U.S. crude oil and distillate inventories were expected to have fallen last week, while gasoline stocks likely surged.

Saudi Arabia’s crude oil exports dropped to their lowest in eight months in February. Meanwhile, rising coronavirus cases in India dampened optimism for global fuel demand recovery. 

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.ai 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?