Oil strengthens in Asia on Dollar weakness

Oil prices at both sides of the Atlantic advanced in Asia possibly due to dollar weakness, given the absence of bullish oil comments from OPEC group on Monday.

At the time of writing, WTI oil was up 29 cents or 0.58% at $50.22/barrel. Brent oil was up 29 cents or 0.56% at $51.81/barrel.

The American Dollar has suffered moderate weakness across the board, courtesy of which the dollar index is down 0.20%. That must have helped oil benchmarks advance in Asia.

Moreover, we have not had any bullish comments from OPEC members in Asian session. Furthermore, there is a widespread belief that a possible OPEC action may have been priced-in.

Meanwhile, the data front continues to paint a mixed picture. Baker Hughes Inc. reported on Friday that the oil rig count increased by four last week. Rig counts are generally viewed as a proxy for activity in the US oil sector.

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