Oil futures rose Tuesday, with the U.S. benchmark closing at its highest since Feb. 21 as the U.S. dollar came under renewed pressure. West Texas Intermediate crude for February delivery rose 96 cents, or 1.8%, to close at $53.21 a barrel on the New York Mercantile Exchange. The move came as the ICE U.S. Dollar Index , a measure of the currency against a basket of six major rivals, fell 0.4% to trade near a more-than-2-1/2-year low. A weaker dollar is seen as a boost for commodities, like oil, that are traded in the currency, as it makes them cheaper to overseas buyers. Crude has also been underpinned by Saudi Arabia’s decision last week to unilaterally cut production by 1 million barrels a day in February and March.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
2021-01-12
Read More: Oil ends at nearly 11-month high as dollar weakness resumes