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

U.S. Gas Stations Begin to Run Dry After Colonial Pipeline Hack

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By Jessica Summers and Jill R Shah

May 10, 2021 at 11:53 PM UTC

Updated on

May 11, 2021 at 7:21 PM UTC

This article is for subscribers only.

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.