Crude oil prices have seen some buying back after a biggest decline of 2018 on Monday. It did gain nearly a percentage point Tuesday and holding firm right now.
US dollar strengthened against the safe havens such as the Japanese yen and the Swiss franc. The risk appetite has come back, global equity markets are trading firm and that has been supportive not just for the crude oil prices but for industrial metals as well.
Crude oil prices are trading above USD 70 a barrel and there is plenty that has come in together as fundamentals to support the prices higher.
US dollar slips to 16-month low versus the Japanese yen. There are global trade war fears.
The crude oil prices, after gaining 6 percent in the previous week have started this week as well on the positive side.
Here are all the latest updates for you from the commodity space:
The decline in equities seems to be bothering commodity as an asset class as well. This has affected crude oil prices as they slipped on global cues.
The Chinese Iron ore market hit a four-month low on Monday falling by over 4% as high inventory levels and a weak domestic steel market weighed on prices.
A broad weakness in US Dollar is also expected.