Oil Edges Higher With Weak Dollar Offsetting Refiner Run Cuts
- U.S. Gulf refiners are reducing output with Colonial down
- Gas stations in U.S. East are beginning to run out of fuel
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Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the U.S. Gulf Coast as refineries there cut runs in response to the Colonial Pipeline shutdown.
Crude futures in New York rose less than 1% Tuesday. The dollar has traded steadily weaker, making commodities priced in the currency more attractive.