[size=36]The dollar gives up gains against commodity currencies as oil recovers[/size]
The dollar gave up its gains and retreated against the currencies of oil producers on Thursday, as the recovery in crude prices after an unprecedented collapse contributed to calm tense markets about a huge decline in global demand due to the Corona virus.
The euro stabilized against the dollar and the pound sterling ahead of a meeting of European Union officials on the bloc's response to the economic turmoil caused by the global pandemic Corona virus.
An EU official said on Wednesday that the bloc's countries could take until summer or perhaps longer to agree on how exactly to fund a bailout to help economies recover as major differences persist.
Initially, the greenback ignored the recovery in oil prices because the gains were slight. But the dollar weakened as oil futures extended gains, reducing the appeal of the safe-haven in holding dollars in dollars.
Against the Norwegian krone, the greenback gave up its gains and fell 0.7 percent to 10.6894 as oil prices rose, retreating from the highest level in a month reached on Wednesday.
The dollar fell 0.8 percent to 75.38 Russian rubles on Thursday.
The US dollar fell against its Canadian counterpart to 1.4134 Canadian dollars, after falling 0.3 percent on Wednesday.
The US currency initially rose against the Mexican peso, but changed course and fell to 24.3850, retreating from the highest level in two weeks.
US West Texas Intermediate crude futures rose 10.16 percent to $ 15.18 a barrel on Thursday. On Monday, crude futures tumbled a month, the closest maturity to a historical low of more than minus $ 37 as oil oversupply and diminished capacity to store it pushed oil prices tumbling.
Brent crude also rose 11.83 percent to $ 22.78 a barrel, rising from its lowest levels since June 1999.
The dollar had little change against the yen as the two currencies remained in a limited range.
The dollar was trading in the latest trading at 107.78 yen.
The Australian dollar recovered from an early drop, rising 0.23 percent to $ 0.6339, with the US currency declining against the rest of the currencies associated with global commodity trade.
The New Zealand dollar rose 0.37 percent to 0.5979 USD. Ended 29 / s