March 23, 2020 / 11:45 PM / 7 days ago

U.S. crude oil futures jump $1.00 as dollar index weakens

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File Photo

MELBOURNE (Reuters) - U.S. crude oil futures CLc1 climbed more than $1 on Tuesday as the dollar index weakened and hopes grew of a detente in the price war between producers Saudi Arabia and Russia.

U.S. crude rose $1.05 to $24.41 as of 2334 GMT.

“However volumes are terrible, they’re very low, so this is not a high confidence move,” CMC Markets and Stockbroking chief market strategist Michael McCarthy said.

Reporting by Sonali Paul; Editing by Himani Sarkar

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