Commodity Alert: Oil extends gains on Saudi commitment to cut, weak dollar
Oil prices extended gains from the previous session, pushed up by a weak dollar and by comments from Saudi Arabia that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production. Prices rose on the back of ongoing weakness in the U.S.-dollar against other leading currencies, further supported by rising stock markets, traders said. A weaker greenback potentially supports consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies. More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), voicing support for production cuts backed by OPEC and other producers including Russia since 2017 in an effort to tighten the market and prop up prices.
Source : Investing
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