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Oil prices climb as market rally continues

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NEW YORK, Feb. 9 (Xinhua) — Oil prices moved higher on Tuesday as the market continued to heat up.

The West Texas Intermediate for March delivery added 39 cents to settle at 58.36 U.S. dollars a barrel on the New York Mercantile Exchange, notching a seventh consecutive session of gains.

Brent crude for April delivery increased 53 cents to close at 61.09 dollars a barrel on the London ICE Futures Exchange. It marked an eight-day winning streak for the global benchmark, the longest run since February 2020, according to Dow Jones Market Data.

“The reasons that are being cited for the upswing are now familiar to us all: good production discipline shown by OPEC+ coupled with only a slight rise in non-OPEC production on the supply side, plus good Chinese demand and the expectation that demand elsewhere will recover well during the course of the year, are lending buoyancy to prices,” Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Tuesday.

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“We attribute the latest price surge first and foremost to financial market factors such as the considerable investor optimism and the again weaker U.S. dollar, and expect prices to correct,” he said.

The dollar index, which measures the greenback against six major peers, fell 0.54 percent at 90.4427 in late trading on Tuesday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

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