EnergyWatch

Oil climbs past USD 49 on dollar weakness and Middle East tension

Oil rose for a fourth day - aided by a falling dollar and Middle East tensions – before OPEC+ meets to decide whether it can keep lifting output as a surging virus smothers the global energy demand recovery.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Futures in New York jumped as much as 2.5% percent to approach USD 50 a barrel. A further decline in the dollar is boosting the appeal of commodities that are priced in the currency, while nervousness over the situation in the Middle East may also be playing a part in crude’s ascent. The USS Nimitz aircraft carrier will remain in the waters around the Arabian Sea following recent threats by Iran, US Acting Secretary of Defense Chris Miller said in a statement.

OPEC+ returned 500,000 barrels a day to the market this month and meets on Monday to decide on production levels for February. The outlook for the first half is very mixed and there are still many downside risks to juggle, OPEC Secretary-General Mohammad Barkindo said at a meeting on Sunday.

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