Oil News

U.S. crude oil futures extended a rally to more than 4 percent on Tuesday, before paring gains a little, as a weaker dollar prompted renewed buying interest on commodities.

Crude Oil rises as the greenback weakens and demand increases

U.S. crude oil futures extended a rally to more than 4 percent on Tuesday, before paring gains a little, as a weaker dollar prompted renewed buying interest on commodities. Wall Street also surged on the weaker dollar and continuing tensions over Iran’s nuclear program kept markets wary about possible geopolitical consequences. The euro had its biggest one-day gain against the dollar since the end of November as traders bet the currency had slipped too far recently on worries about Greece’s debt. Crude oil is trading at $77,15 as of 21:25pm, GMT, with a bullish trend. Crude