Feedback | Wednesday, April 24, 2024

24/07/20 | 11:07 am

Oil rises on weaker dollar, but virus woes and U.S.-China tensions weigh

The dollar slid to 22-month lows against a basket of currencies .DXY. A weaker dollar usually spurs buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies.

Brent crude LCOc1 rose 15 cents, or 0.4%, to $43.46 a barrel by 0137 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 rose by 12 cents, or 0.3%, to $41.19.

The number of Americans filing for unemployment benefits unexpectedly rose to 1.416 million last week for the first time in nearly four months, suggesting U.S. economic recovery is stalling amid a resurgence in COVID-19 cases.

While the rise in infections has fanned fears of renewed government lockdowns, worries that oil demand could be hit have been exacerbated by tensions between the United States and China – the world’s top two oil consumers.

 

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