Oil Record Profit From US Dollar Weakness!

thecekodok

 Black gold eased slightly on Tuesday after posting gains in the previous session as market caution dominated sentiment ahead of US inflation data.


In the Asian session, Brent crude oil futures traded at $93 a barrel, while US WTI oil traded at $87 a barrel.


Earlier, the black commodity traded higher on Monday after getting support from a weaker US dollar.



Markets are now more cautious as they await the release of US inflation data that could influence the Federal Reserve's (Fed) tightening plans and the outlook for global growth.


Concerns over demand driven by the Covid-19 shutdown in China are still weighing on the market, leaving crude oil trading unable to move further.


Meanwhile in the United States, data showed that emergency oil reserves fell to the lowest level since October 1984.


This decline is the result of the government's determination in March to produce 1 million barrels per day over a period of six months to deal with high fuel prices.

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