- Oil prices remained near a 16-week high after the dollar weakened significantly
- West Texas Intermediate rose to around $63 a barrel following a 2.9% jump
- The US dollar hit its lowest level in nearly four years amid Trump’s comments
Oil held near a 16-week high after the dollar slumped, while traders also monitored US President Donald Trump's threats against Iran.
West Texas Intermediate was near $63 a barrel after jumping 2.9% in the previous session to the highest level since early October. A gauge of the dollar tumbled to the lowest in almost four years on Tuesday after Trump said he wasn't concerned about the US currency weakening.
A weaker dollar makes commodities priced in the currency such as oil and gold more attractive to many buyers. The drop has been fanned by Trump's unpredictable policy making, including threats to take over Greenland.
The president reiterated on Tuesday that a “big armada” was headed to the Middle East, adding that hopefully the US won't have to use it. Trump recently renewed threats against Tehran's leadership following a crackdown on people protesting against the government.
Prices:
- WTI for March delivery gained 0.2% to $62.52 a barrel at 7:37 a.m. in Singapore.
- Brent for March settlement closed 3% higher to settle at $67.57 a barrel on Tuesday.
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