India, July 1 -- Crude oil prices rallied close to a percent on Tuesday amidst the dollar's retreat. The Dollar's plunge came amidst President Donald Trump's massive tax-cut and spending bill that fueled fiscal worries as well as the uncertainty around trade deals that together weighed on sentiment.
The progress in the trade negotiations between the U.S. and its trading partners, the looming deadline of July 9 for trade tariffs as well as the likelihood of an output hike by the OPEC+ in August, all swayed sentiment.
The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 96.52 versus 96.88 at close on Monday. The index is at its lowest level since February 2022.
Both Brent and WTI crude...