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MTECHTIPS:-Oil rises back above $30, drawing support from weaker dollar
Oil prices pushed back above the $30-level in Europe trade on Tuesday, drawing support from a broadly weaker U.S. dollar. Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies. The greenback briefly collapsed below the 115-level against the yen to its lowest since November 2014 during Asian hours, as steep declines in global equity markets supported demand for safe-haven assets. Meanwhile, the dollar index fell to an intraday low of 96.33, not far from last week’s three-month trough, amid growing uncertainty over the Federal Reserve’s ability to raise interest rates as much as it would like this year due to slowing U.S. growth and turmoil in global financial markets. Crude oil for delivery in March on the New York Mercantile Exchange tacked on 72 cents, or 2.44%, to $30.42 a barrel by 08:55GMT, or 3:55AM ET. A day earlier, prices collapsed $1.20, or 3.88%, to close at $29.69, as hopes of a deal between OPEC and non-OPEC producers to cut output continued to fade. Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery rose 45 cents, or 1.35%, to trade at $33.34 a barrel. On Monday, London-traded Brent lost $1.18, or 3.46%, amid ongoing concerns over a global supply glut.
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