By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures added nearly 1% Tuesday, resuming their move higher as the dollar dropped and investors embraced risk while the Federal Reserve started a two-day meeting during which it’s expected to delivery more monetary-easing measures.
Crude for December delivery gained 80 cents to stand at $83.73 a barrel on the New York Mercantile Exchange.
Providing support for commodities, the dollar fell against most major currencies. The dollar index (DXY 76.75, -0.55, -0.71%) , which measures the U.S. unit against a basket of six major currencies, was down 0.6%. See more on dollar’s latest weakness against the euro and other currencies.
On Monday, crude rallied nearly 2%, as data showing manufacturing expansions in China and in the U.S. lent support to market hope of higher oil demand.
