Commodities enjoyed a broad bounce on Tuesday, with crude rising back above $71 a barrel, as a weaker dollar lured investors back into the market and the US currency’s reserve status was questioned by Russia.
The S&P spot GSCI commodities index gained 1.1 per cent as the dollar fell against a basket of competitors. Dmitry Medvedev, the Russian president, had earlier called for the creation of new reserve currencies, comments which added to speculation over the future of the US dollar.
Nymex July West Texas Intermediate, the US benchmark, gained 71 cents to $71.33, while ICE July Brent rose 84 cents to $71.08 a barrel. WTI has now gained 53 per cent since the start of April, with Brent rising by 48.6 per cent.