Energy

Oil prices rise on improving economic data

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A line of oil tankers transporting fuel to the refineries located along the Mississippi River just north of New Orleans, Louisiana.

Art Wager | Getty Images

Oil prices rose on Tuesday, reversing overnight losses as better-than-expected U.S. manufacturing activity data spurred hope for a post-pandemic economic recovery, and as analysts forecast a sixth weekly drawdown in U.S. crude inventories.

The dollar was at it lowest in more than two years against a basket of currencies, pressured by the U.S. Federal Reserve’s loosening of inflation policy last week, which was supportive for oil as dollar-priced commodities become cheaper for global buyers.

Brent crude futures gained 30 cents, or 0.66%,…



Source cnbc.com

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