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Oil Rises With Dollar’s Descent Countering Demand Worries

  • US dollar drops, boosting commodities priced in the currency
  • WTI, Brent edge up even as China Covid woes weigh on prices
Bloomberg business news
Oil Rises With Dollar’s Descent
Updated on

Oil held gains after recovering from a weak start as declines in the US dollar offset concerns that global demand is under pressure.

West Texas Intermediate settled at $87.8 a barrel for the day after earlier sinking to $85. Risk sentiment generally firmed across markets on Monday with equity markets climbing in Europe and the American currency weakening sharply as traders bet inflation is near a peak. A weaker greenback tends to benefit assets priced in the currency.