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Oil Prices Surge on Geopolitical Tensions and Dollar Weakness
Oil Prices Surge on Geopolitical Tensions and Dollar Weakness
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BTCCSquare news:
Oil futures climbed more than 1% Tuesday as attacks on Russian refineries and a softening U.S. dollar fueled supply concerns. Ukrainian strikes have disrupted operations at one of Russia's largest processing facilities, with reports indicating three crude-pumping stations servicing the Uts-Luga terminal may also be compromised.
The dollar's slide to July 2023 lows provides additional support for crude benchmarks. As the petrodollar weakens, international buyers gain increased purchasing power. Market expectations of impending Fed rate cuts continue to weigh on the greenback, creating a bullish confluence for energy markets.
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