London: Oil prices rose yesterday to their highest in three weeks, catching a lift from a softer US dollar and from cautious money managers, as Opec appeared to be moving closer to reaching an agreement to cut output when it meets next week.
Brent crude futures were up 60 cents at $47.46 a barrel by 0928 GMT, having touched their highest level since Novermber 2, while US West Texas Intermediate (WTI) futures were up 52 cents at $46.21 a barrel.
The dollar eased off last week’s 13-1/2-year highs as Treasury yields nudged lower, bolstering oil and the broader commodities complex including copper and gold.
“Oil is already more than 1 percent higher on the day, helped by Vladimir Putin’s belief that an output deal will be reached later this month,” OANDA markets strategist Craig Erlam said.
“While loose terms may be agreed, I remain sceptical that a full detailed agreement can be achieved...", he said.
