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- Oil prices ticked up Monday, helped by a weaker U.S. dollar
Oil prices ticked up Monday, helped by a weaker U.S. dollar
Brent crude, the global oil benchmark, was trading up 0.9% at $60.81 a barrel on London's Intercontinental Exchange.
West Texas Intermediate futures, the U.S. oil standard, were up 0.8% at $51.62 a barrel on the New York Mercantile Exchange.
A softer U.S. dollar helped bolster oil prices at the start of the week, after a stronger greenback had provided a headwind for crude prices at the end of last week, according to analysts. Dollar-denominated commodities like oil tend to have an inverse relationship with the U.S. currency. The dollar was down 0.14% in midmorning trade, according to the WSJ Dollar Index, which measures the U.S. currency against a basket of 16 of its peers.
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