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Oil Closes Higher as the USD Declines

M. Ali 20 January, 2021 12:45 am Commodities, Market Update

Oil prices rose on Tuesday, amid the decline of the U.S. Dollar (USD), despite the International Energy Agency (IEA) cutting its expectations for the global demand for crude oil in 2021.

Hopes for increased government stimulus by the new administration that is about to take over in the United States are also providing support for crude prices, as well as positive expectations for the rollout of Coronavirus vaccines.

Brent crude futures for March delivery rose by $1.15, or 2.1%, to close at the level of $55.90 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for February delivery added 62 cents, or 1.2%, to finish at the level of $52.98 per barrel.

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