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Los oil prices they had their second day higher on Tuesday thanks to the weakness of the dollar.
The price of the barrel of North Sea Brent for February delivery gained 0.23% to close at $79.99 in London.
While the barrel of West Texas Intermediate (WTI) for January gained 1.19% to $76.09.
“It’s the dollar” that drove the crude market on Tuesday, summed up Bill O’Grady of Confluence Investment.
The US note was affected by the surprise decision of the Bank of Japan (BoJ, central), which announced that it will tolerate a fluctuation of the yields of Japanese ten-year bonds between -0.5% and 0.5%, “to improve the functioning of the market”. Until now, the maximum was 0.25%.
For O’Grady, the decision of the BoJ, the last major central bank that maintained an expansive monetary policy, could have long-term consequences on the greenback.
“If it’s a breaking point, this could mark the start of several years of dollar weakness,” according to O’Grady. “That could be very favorable for oil prices,” he added.
The main reference barrels are quoted in dollars, therefore if the US currency weakens, then the barrel becomes cheaper for investors in other currencies.
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