Oil hikes with softer dollar
Shafaq News/ Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains.
Brent crude futures for June delivery rose by 69 cents, or 1.03%, to $67.77 a barrel at 0515 GMT.
U.S. West Texas Intermediate (WTI) crude futures for May delivery, which expire on Tuesday, were up 63 cents, or 0.96%, to $64.03 barrel. The more-active June contract was at $63.93, up 0.8%, or 50 cents.
The dollar index slumped to a six-week low against other major currencies on Monday following a plunge in U.S. Treasury yields last week.
Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities because of a budget dispute with the country's central bank.
The disruption could cut Libya's oil output by 280,000 barrels per day (bpd), knocking production below 1 million bpd for the first time since October, ING said.
Saudi Arabia's crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, illustrating the world's biggest oil exporter's commitment to its voluntarily output cap to support oil prices.
However, surging COVID-19 cases in India, the world's third-biggest oil importer and consumer, dampened optimism for a sustained recovery in global fuel demand.