WASHINGTON (dpa-AFX) - Crude oil prices rallied close to a percent on Tuesday amidst the dollar's retreat. The Dollar's plunge came amidst President Donald Trump's massive tax-cut and spending bill that fueled fiscal worries as well as the uncertainty around trade deals that together weighed on sentiment.
The progress in the trade negotiations between the U.S. and its trading partners, the looming deadline of July 9 for trade tariffs as well as the likelihood of an output hike by the OPEC+ in August, all swayed sentiment.
The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 96.52 versus 96.88 at close on Monday. The index is at its lowest level since February 2022.
Both Brent and WTI crude oil benchmarks recorded strong gains on Tuesday.
Brent Oil Futures for September settlement is currently trading at $67.27, having surged 0.79 percent from the previous close of $66.74 on Monday. Brent Oil had declined 0.09 percent on Monday.
The day's trading ranged between $67.50 and $66.34 whereas the 52-week trading range was between $58.4 and $87.95.
Brent has gained 1.6 percent over the past week and 4 percent over the past month. However, Brent oil is currently down close to 40 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for August rallied 0.81 percent from the previous close of $65.11 on Monday to trade at $65.64. WTI Crude oil had gained 0.14 percent on Monday.
Prices ranged between a high of $65.9 and a low of $64.67 in the day's trading. Trading has ranged between $55.12 and $84.20 over the past 52 weeks.
Gains are at 2.1 percent in the past week and 5.1 percent in the past month. Prices are currently 37.7 percent below the levels three years ago.
Industry-level data to be published by the American Petroleum Institute on Tuesday evening is expected to show crude oil inventories falling by 2.26 million barrels during the week ended June 27 as compared with a decline of 4.28 million barrels during the week ended June 20.
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