Oil Prices Rebound On Dollar Weakness

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Oil prices rose over 2 percent on Tuesday as strong U.S. economic data released overnight eased economic recovery concerns and helped soften demand for the dollar as a safe-haven asset.

Prices were also buoyed by reports suggesting that the chances of a breakthrough in talks to revive an Iranian nuclear accord were slim.

Benchmark Brent crude jumped 2.4 percent to $63.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 2.5 percent at $60.12.

A drop in the U.S. dollar outweighed concerns about rising OPEC+ supply and increasing coronavirus infections in India and parts of Europe.

Coronavirus-related deaths worldwide crossed 3 million as countries step up efforts to combat the pandemic.

Goldman strategists led by Zach Pandl said that accelerating European growth should help unwind some of the divergence with the U.S. priced into domestic yield curves, as well as support commodity prices and risky assets generally.

The material has been provided by InstaForex Company – www.instaforex.com

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