Oil rose for a third day as signs the physical market is tightening and a stall in the dollar’s rally offset growing demand risks in China and the US.
Global benchmark Brent traded above $85 a barrel, and is up more than 2% since last Wednesday’s close. Supply curbs from OPEC+ linchpins Russia and Saudi Arabia have driven a rally since late June, while US crude stockpiles have shrunk to the least since January.
The dollar was steady Monday following declines in the previous two sessions, making commodities that are priced in the currency cheaper for many buyers. That came after the greenback had been strengthening from mid-July.
Read the full story on Bloomberg here.