WASHINGTON (dpa-AFX) - Crude oil futures touched the highest in four weeks Tuesday, supported by a stronger dollar and concerns about rigs in the Gulf of Mexico.
Just a week after Hurricane Harvey disrupted refineries along the Texas coast, Hurricane Irma is bearing down on Caribbean islands and may be heading for the Gulf of Mexico as a category 4 or 5 storm.
Oct. WTI oil climbed $1.37, or 2.9%, to settle at $48.66/bbl, the highest since August 11.
In economic news, the Commerce Department released a report on Tuesday showing a sharp pullback in factory orders in the month of July.
Factory orders plunged by 3.3 percent in July after surging up by an upwardly revised 3.2 percent in June.
The U.S. dollar weakened as a pair of Federal Reserve officials hinted the central bank will keep interest rates on hold this year.
Minneapolis Fed President Neel Kashkari said it is very possible that the central bank's four interest-rate hikes since late 2015 could now be doing 'real harm' to the economy.
Also, inflation is falling 'well short' of target so the Federal Reserve should be cautious about raising interest rates until it is confident of a rebound, Fed Governor Lael Brainard.
Copyright RTT News/dpa-AFX