Crude prices rise as the U.S. dollar drops
Xinhua, April 20, 2016 Adjust font size:
Oil prices gained Tuesday as the U.S. dollar depreciated against other currencies. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.
The strike of oil workers in Kuwait continued to boost the oil market.
The strike started from Sunday cut Kuwait's output by about 1.7 million barrels per day to 1.1 million barrels a day. Kuwait is the fourth largest member of the Organization of Petroleum Exporting Countries.
Major crude production countries failed to reach an agreement over a global output freeze at Sunday's meeting in Doha, Qatar.
The West Texas Intermediate for May delivery moved up 1.3 U.S. dollars to settle at 41.08 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 1.12 dollars to close at 44.03 dollars a barrel on the London ICE Futures Exchange. Endit