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Oil climbs on weaker dollar, outweighing OPEC+ supply worries

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Sonali Paul, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/06/20210321-oil-facility.jpg"/><figcaption>An employee rides a bicycle past oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. <em>Maxim Shemetov, Reuters file picture</em></figcaption></figure></div><p>MELBOURNE - Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4 percent incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.</p><p>Brent crude futures jumped 83 cents, or 1.3 percent, to $62.98 a barrel at 0012 GMT, after falling 4.2 percent on Monday.</p><p>US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4 percent, to $59.45 barrel, after sliding 4.6 percent on Monday.</p><p>&quot;The weaker US dollar is a contributor, and increasing (US) growth confidence helps,&quot; said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.</p><p>The dollar fell 0.4 percent against a basket of currencies =USD on Monday and dipped a bit further on Tuesday. Oil prices typically rise against a falling dollar, as a weaker greenback makes dollar-priced oil cheaper for those holding other currencies.</p><p>Adding to positive sentiment, England is set to ease coronavirus pandemic restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons and outdoor hospitality areas. </p><p>That helped offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July. </p><p>Saudi Arabia is also set to phase out its extra voluntary cut of 1 million bpd over those three months. At the same time OPEC member Iran, exempt from making voluntary cuts, is boosting supply. </p><p>The push by OPEC+ to add supply came despite concerns about a rise in COVID-19 cases.</p><p>&quot;Rising virus cases in countries such as India and the European Union are keeping traders cautious, with any renewed restrictions likely to weigh on demand,&quot; ANZ Research said in a note.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/05/21/alamin-taas-preyso-sa-petrolyo-sa-abril-6">ALAMIN: Taas-presyo sa petrolyo sa Abril 6</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1654904" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4 percent incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.</p>

Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4 percent incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.

Oil climbs on weaker dollar, outweighing OPEC+ supply worries

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Oil climbs on weaker dollar, outweighing OPEC+ supply worries

Sonali Paul,

Reuters

Published Apr 06, 2021 01:00 PM PHT

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