The weak dollar is the ‘only support’ for oil prices, analyst says


Oil prices are likely to continue creeping up simply due to a weak dollar, an analyst said on Thursday.

“As far as fundamentals are concerned, there is really not much to move oil around either way, which is why we have seen it pretty range bound, but within that continuing to grind higher because of a weaker dollar,” said Vandana Hari, founder of Vanda Insights, an energy consultancy. “That’s been the only support, I would say.”

Like most commodities traded internationally, oil is denominated in dollars, so a weaker greenback lends support to prices.

In March, a futures contract for U.S. crude prices dropped more than 100% and turned negative for the first time in history as demand…


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