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Positive stability of crude oil prices, defying the rebound of the dollar index
Crude oil futures fluctuated in a narrow upward range during the Asian session on Tuesday, keeping the USD index for the second consecutive session its lowest since June 14 according to the inverse relationship between them.
US crude futures for November delivery rose 0.26% to $ 74.04 a barrel, compared to the opening at $ 73.85 a barrel.
Brent crude futures rose by 0.45% to trade at $ 78.42 per barrel, compared with the opening at $ 78.07 a barrel, while the dollar index rose 0.05% and is currently trading at 94.12, showing a four-week decline from the opening at 94.08.
The Chinese economy, the world's second-largest economy and the second largest industrial nation after the United States, released the annual CPI reading, which showed growth accelerated to 1.9% in line with expectations compared to 1.8% in May's annual reading, The PPI accelerated growth to 4.7% from 4.1% in the previous year's reading, beating expectations of 4.5%.
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