Oil Prices Rally High As US Dollar Dips

Oil-Prices-Rally-High-as-US-Dollar-Dips

Mitigating the overnight losses, oil prices once again regained its lost pace early on Tuesday, as investors choose to put their faith in the perilous zone by ditching the safe-haven US dollar that tumbled to a new low.

LCOc1 (Brent crude) futures surged to $45.77 a barrel, which is 1.1% or 49 cents 0406 GMT. Meanwhile, WTI (West Texas Intermediate) US crude CLc1 crude climbed to $42.98 a barrel that is 0.9% or 37 cents.

Notably, both contracts slipped around 1 per cent on Monday due to the concern of oil oversupply with global demand losing the ground below pre-pandemic levels.

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