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MELBOURNE- Oil prices rose on Tuesday, reversing overnight losses, as investors shifted to risk assets and out of the safe-haven US dollar, which slid to a more than two-year low.
Brent crude futures climbed 27 cents, or 0.6 percent, to $45.55 a barrel, while US West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.5 percent, to $42.82 a barrel.
Both benchmark contracts fell around 1 percent on Monday on worries about oil oversupply with global demand stuck below pre-COVID levels.
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The dollar was last down 0.04 percent at 92.146 against a basket of currencies, after hitting its lowest since May 2018, continuing to fall in the wake of the US Federal Reserve’s policy shift on inflation announced last week.
