Weaker Dollar Has Oil Prices on The Uptick – 27 July, 2020

Efforts to stimulate the U.S. economy helped boost oil for a third straight session, supported by a weaker dollar providing global buyers with lower prices. Brent crude futures were up 0.8% or 35 cents to $43.76 per barrel after rising 0.2% the previous session. U.S. West Texas Intermediate crude futures rose 0.7% or 27 cents to $41.87 per barrel. A $1 trillion dollar coronavirus stimulus package was proposed this ween by U.S. Senate Republicans, and the U.S. Federal Reserve is expected to announce near zero interest rates for the foreseeable future after their meeting on Wednesday.