Oil Up Over Weaker Dollar, Expectations of Draw in US Crude Oil Supply By Investing.com – Investing.com

Oil Up Over Weaker Dollar, Expectations of Draw in US Crude Oil Supply By Investing.com – Investing.com

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By Gina Lee

Investing.com – Oil was up Tuesday morning in Asia, with a weaker U.S. and expectations of another draw in U.S. crude oil supplies supporting commodities. However, rising numbers of COVID-19 cases globally capped gains for the black liquid.

rose 0.82% to $67.60 by 12:21 PM ET (4:21 AM GMT) and were up 0.80% to 63.95% to $24.95.

The dollar, meanwhile, edged down on Tuesday morning, with an ING analyst note saying that “dollar weakness continues to offer support to the commodities complex ... despite concerns over oil demand in certain regions.”

The ever-surging number of COVID-19 cases in India, the third-largest oil importer and consumer globally, also raised concerns.

On the supply side, investors await , due later in the day.

Also on the supply side, Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the country's Hariga port. NOC added that it could extend the measure to other facilities due to a budget dispute with the Central Bank of Libya.

The action could cut Libya's oil output by 280,000 barrels per day (bpd), knocking production below 1 million bpd for the first time since October 2020, the ING note said.

Elsewhere in the Middle East,