Crude edges up in Asia as greenbacks dives

neft-l2On Monday, oil started moderately higher in Asia amid a weakening greenback, which aids market sentiment.

March delivery US West Texas Intermediate crude futures added 0.44% being worth $66.42 a barrel.

At the same time April delivery Brent crude futures gained 0.03% trading at $70.17 a barrel.

As for the US dollar index, it tacked on 0.10% hitting 88.96, although it has trended abruptly lower for the last two weeks on remarks from American policymakers as well as worries that the American tax cuts will increase the deficit.

The previous week, crude prices concluded Friday’s session settlement to their strongest value since late 2014, following everlasting optimism that OPEC-led output reduction would keep draining the market of excess supplies.

Crude prices also derived decent support from a tumbling dollar, hitting a fresh three-year minimum versus a basket of other crucial currencies on Friday.

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