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Bloomberg
Crude climbed by the most in more than two weeks amid a weaker dollar and easing concern that a trade war will break out between the US and China.
Futures jumped as much as 1.6 percent in New York as the dollar dipped, boosting oil’s appeal as a store of value. As investors evaluate the ongoing tensions between US and China, President Donald Trump predicted the Asian nation will be first to buckle amid an escalating trade dispute between the world’s two largest economies. US equities climbed.
“We’ve got the US dollar taking a bit of a correction,†said Bart Melek, head of global commodity strategy at TD Securities in Toronto. The US benchmark crude has traded near $63 a barrel this month amid worries over tensions between the US and China. OPEC continues to cut output while production in the US hits new records.