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Indonesia News Portal for Traders | Financial & Business Updates

6 January 2025 09:30  |

Oil prices hit record high amid stronger dollar demand

Oil prices rose to their highest in two months in Asian trade on Monday, as traders hoped demand would improve in top importer China, although a stronger dollar limited a bigger gain.

Crude prices rose for a second straight week on hopes demand would improve in China, especially as Beijing looks to unveil more stimulus measures in the coming months.

Cooler weather in the U.S. and Europe is also expected to help boost demand for oil, especially for distillates.

A stronger dollar, however, capped any big gains in crude, as the greenback hit a more than two-year high ahead of a series of key economic readings this week. (AL)

source: Investing.com

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