Oil prices rose slightly on Tuesday, January 20, supported by a weaker dollar, while markets watched US President Donald Trump's threats to raise tariffs on European countries over his intention to buy Greenland.
This was reported by Economic Pravda, citing Reuters.
The report said that Brent futures added 15 cents (0.2%) to USD 64.09 per barrel. The February WTI contract, which expires on Tuesday, rose 14 cents (0.2%) to USD 59.58.
The more actively traded March WTI contract rose 6 cents (0.1%) to USD 59.40.
On Monday, WTI contracts did not have a settlement price due to a holiday in the US (Martin Luther King Day).
"A weaker US dollar has provided some support for oil and the broader basket of commodities," ING commodity strategists said on Tuesday.
A weaker greenback makes dollar-denominated oil contracts cheaper for buyers in other currencies.
ING said prices are holding up relatively well despite a general risk-off in markets following a renewed escalation of trade tensions between the US and Europe over Trump's demands for Greenland.
Fears of a new round of trade war intensified over the weekend after Trump said he would impose an additional 10% tariff on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain from February 1 - and raise it to 25% from June 1 if a deal is not reached on Greenland.
As Ukrainian News Agency earlier reported, oil prices rose on Tuesday, January 13, as growing concerns about Iran and possible supply disruptions outweighed the prospects for increased oil supplies from Venezuela.
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