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Oil prices rally on technical correction

Xinhua, July 13, 2016 Adjust font size:

Oil prices rebounded as much as 4 percent on Tuesday from two-month lows in the previous session as investors were covering short positions.

Analysts said the market has gotten really short over the past two weeks with everyone focused on weaker fundamentals and now we are seeing sudden covering.

Moreover, oil prices were supported by a weaker U.S. dollar. The dollar index, which tracks the greenback against six major peers, was down 0.10 percent at 96.479 in late trading.

A weaker greenback increased investor sentiment, which made the dollar-denominated oil more attractive for holders of other currencies.

The West Texas Intermediate for August delivery added 2.04 U.S. dollars to settle at 46.80 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 2.22 U.S. dollars to close at 48.47 U.S. dollars a barrel on the London ICE Futures Exchange. Endit