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Brussels: Crude oil rose for a third day as the US dollar dropped, enhancing the appeal of commodities as an inflation hedge, and Opec’s secretary-general said the group won't increase production.
Opec members besides Saudi Arabia have no intention of raising output to bring down near-record prices, Abdalla Al Badri said in Brussels on Tuesday. The dollar fell against the euro, making commodities cheaper for buyers outside the US.
Crude oil for August delivery rose as much as $1.16, or 0.9 per cent, to $137.90 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $137.60 at 8:57am London time.
The US dollar was at $1.5573 per euro as of 8:42am London time, compared with $1.5493 earlier.
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