A String Of Bullish News Is Propping Up Oil Prices

Crude oil markets remained optimistic over the past week supported by several bullish factors. Brent spot prices rose above $46 for the first time since April on a much weaker US dollar, with the dollar index plunging below 94, a level that hasn’t been seen since June 2018. The U.S. dollar was beaten down by rising unemployment data and uncertainty over the trillions in economic stimulus. At the beginning of the COVID-19 crisis, the U.S. dollar index was at record high and was viewed as the no.1 safe haven asset, but during the last…