The depreciation of the dollar increased the price of oil

According to the Fars International Economic Group, quoted by Reuters, oil prices increased in today’s transactions due to the depreciation of the dollar and the US plan to replenish its oil reserves, but the uncertainty caused by the impact of the increase in the number of corona patients in China prevented further increases. The prices were

A barrel of Brent oil increased by 68 cents to $80.48, and a barrel of US crude oil increased by 79 cents to $75.98.

Both oil indices increased by more than one dollar in the early hours of these transactions. Oil prices have strengthened due to the US decision to fill its strategic reserves last week.

As the dollar depreciates, prices rise because oil becomes cheaper for owners of other currencies.

However, analysts say clearer signs of demand growth are needed to push prices higher.

CMC Markets Analyst Tina Teng said that while China has eased the coronavirus restrictions, the increase in the number of infected people in the country has reduced oil prices due to uncertainty about the country’s economic recovery.

Preliminary statistics show that US oil stocks fell by about 200,000 barrels last week, while gasoline and diesel stocks increased.

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