Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after U.S. data pointed to slowing inflation. | Reuters
A weaker dollar makes oil cheaper for holders of other currencies, which can boost demand.
However, traders said oil supply concerns have been around for a few days now, suggesting Tuesday’s rally may be down to broader ‘risk-on’ sentiment after the inflation data. “After being on the receiving end of an absolute drubbing last week, some buying interest and bargain hunting is coming back into the crude complex,” said Matt Smith, lead oil analyst at Kpler.The market had been sinking of late on pessimistic outlooks for demand. The Organization of the Petroleum Exporting Countries on Tuesday trimmed its first-quarter absolute oil demand forecast and said the global economic slowdown is becoming evident.
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