COMMODITY
Crude oil futures end higher as dollar weakens
Mar-12-2025

Crude oil futures ended higher on Tuesday, as weak dollar contributed significantly to the rise in oil prices, although concerns about the outlook for growth and a drop in oil demand capped the upside. Possible drop in oil supplies following the Trump administration's warning that it would enforce sanctions on Iranian crude production contributed as well to the rise in oil prices. However, oil gave up some gains after the U.S. President announced an additional 25% tariff on all steel and aluminum imports from Canada, bringing the total tariff on those products to 50%. Investors now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). 

Benchmark crude oil futures for April rose $0.22 or about 0.3% at $66.25 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased $0.28 or 0.4% to settle at $69.56 a barrel on London's Intercontinental Exchange.

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