Oil edges up on weaker dol­lar as Bri­tain EU vote looms

Pakistan Observer - - ECONOMY WATCH -

SINGAPORE—Oil climbed in Asia Wed­nes­day af­ter Fed­eral Re­serve boss Janet Yellen’s cau­tious re­marks on the US econ­omy weak­ened the dol­lar and traders ner­vously await Bri­tain’s vote on its fu­ture in the Euro­pean Union. Traders are also wait­ing for the re­lease later in the day of of­fi­cial US stock­piles data, hop­ing for an idea about de­mand in the world’s top oil con­sumer, af­ter an industry group said sup­plies had tum­bled last week.

Yellen warned Tues­day the US econ­omy faces “con­sid­er­able un­cer­tainty” from slower do­mes­tic ac­tiv­ity and from a pos­si­ble Bri­tish vote to exit the EU, sig­nalling that a hike in US in­ter­est rates may be some time off. She said she wants the econ­omy to be on a “favourable path” be­fore the cen­tral bank raises bor­row­ing costs, which sent the green­back tum­bling. A weaker dol­lar makes oil cheaper for any­one us­ing other cur­ren­cies.—APP

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