Oil Advances Most in a Month With Key Oil Spreads Surging
- U.S. dollar declines, boosting appeal of commodities like oil
- WTI spreads at strongest in years as Cushing supplies fall
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Oil jumped by the most in a month amid a weaker dollar and as key timespreads surged with expectations for further supply declines at the biggest storage hub in the U.S.
Futures in New York climbed 2.8% on Monday to the highest since 2018 and its global counterpart Brent neared the key, psychological $75-a-barrel mark. U.S. equities rose and the dollar dipped, boosting the appeal of commodities priced in the currency. Investors are watching commentary from Federal Reserve officials this week after St. Louis’s James Bullard said interest rates may need to rise in 2022.