Oil prices rise amid market optimism, weaker dollar
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E-mail Xinhua, April 14, 2021
NEW YORK, April 13 (Xinhua) -- Oil prices climbed on Tuesday, boosted by multiple tailwinds.
The West Texas Intermediate for May delivery added 48 cents to settle at 60.18 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 39 cents to close at 63.67 dollars a barrel on the London ICE Futures Exchange.
"Oil prices are holding their own fairly well given the high investor optimism and generally weaker U.S. dollar of late," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.
"Furthermore, hopes of increased demand this year are having a supportive effect," he said.
The dollar index, which measures the greenback against six major peers, fell 0.31 percent to 91.8532 in late trading on Tuesday. Historically, the price of oil is inversely related to the price of the U.S. dollar. Enditem
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