By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Crude-oil futures rose in electronic trading Tuesday, amid rising optimism world leaders will push for more policy action to support the ailing global economy at a meeting later today.
July futures for light, sweet crude CLN2 +0.56% rose 78 cents, or 0.9%, to $84.76 a barrel on the New York Mercantile Exchange during Asian trading hours.
Finance ministers and central-bank governors from the Group of Seven major economies are due to hold an emergency conference call later today, and are expected intensify calls for more policy support to address Europe’s debt troubles.
Europe’s troubled economy and the potential spread of its debt problems have been among the factors pressuring crude prices in recent weeks.
Optimism about the G-7 talks supported the euro in Asian trading hours, while the U.S. dollar declined.
The ICE dollar index DXY -0.02% , which measures the greenback’s performance against six major global currencies, slipped to 82.552 from 82.878 late Friday.
A softer dollar can support investment in dollar-priced commodities such as oil, as it makes it more affordable to holders of other currencies.
On the supply front, the American Petroleum Institute is due to release its weekly inventory data on Tuesday, followed by the more closely watched U.S. Energy Information Administration’s report on Wednesday.
Analysts polled by Platts forecast a drop of just above 1 million barrels for the week ended June 1.
Virginia Harrison is a MarketWatch reporter based in Sydney.
