The price of oil is rising rapidly due to the fall of the dollar. This is reported by Reuters, according to UNN.
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On Tuesday, oil prices rose sharply, drawing investors' attention to economic indicators as the dollar declined.
Brent crude oil futures jumped 1.6% to $88.42 per barrel, while West Texas Intermediate futures rose 1.8% to $83.36 per barrel.
This movement in the oil market was the result of a drop in the US dollar index to its lowest level in a week. The shift in focus from tensions in the Middle East to the global economy has led to increased interest in oil markets.
According to S&P Global, business activity in the United States fell to a four-month low in April, causing the dollar to weaken. This usually leads to an increase in demand for oil, as investors look for shades in other currencies.
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On Tuesday, the American Petroleum Institute reported that U.S. crude oil and gasoline inventories declined last week, but distillates, including diesel and fuel oil, rose, according to market sources.
The price of Brent crude oil reached a multi-month high, exceeding $86 per barrel18.03.24, 11:32