Oil Prices at Their Peak in More Than a Month Thanks to The Weak Dollar

Oil prices rose to the highest level in more than Tuesday, April 20, as the decline in the US dollar supported commodities and due to expectations of a decline in crude stocks in the United States, the largest consumer of fuel in the world, but the increase in Coronavirus cases in Asia limited the gains.

Brent crude futures for June delivery rose 66 cents, equivalent to 1%, to $67.71 a barrel, after hitting the highest level during the session at $67.97.

And increased US West Texas Intermediate crude futures for May delivery, which expires today, 70 cents, equivalent to 1.1%, to $64.08 a barrel. The most active June contract recorded $64.02, up 59 cents, or 0.9%.

Oil becomes cheaper for buyers in currencies other than the US dollar, which is the currency in which oil is denominated in the event the US currency is weak.