US crude futures rallied to a one-year high of more than $80 a barrel on Tuesday, lifted by a slump in the dollar and a rally in US stock markets to their highest in 12 months.

Strong earnings have boosted US equity markets, with the Dow industrials up another 1% yesterday, beating down the dollar to make a range of commodities more appealing for non-dollar buyers, reported Reuters.

US crude for November delivery touched $80.05 a barrel in Asia, its highest since 14 October last year, but retreated to $79.80 a barrel by 05.15 GMT, up $0.19 from Monday’s settlement.

London Brent crude rose $0.22 to $77.99 a barrel and earlier hit $78.18.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData