Paring off recent losses on the New York Mercantile Exchange, crude futures rebounded above $83 a barrel Tuesday as a weaker dollar and stronger earnings reports on Wall Street revived oil traders' risk appetite.
Rolling off the front-month contract for May delivery, light, sweet crude oil added $2 to yesterday's final price tag to close higher at $83.45 a barrel, after four consecutive sessions on the downside.
According to a report by Reuters, oil prices rose as traders covered short positions ahead of the May contract's expiration. A weaker dollar also spurred traders toward riskier markets today.
Moreover, the broader financial market's economic optimism was stoked by Goldman Sachs' better-than-expected, first-quarter earnings report spotlighting $3.3 billion in profits -- days after the market was shaken by fraud charges brought against Wall Street's most lucrative bank, Reuters noted.
Rallying equities brought commodities along for the ride as a result of the positive earnings.
Rounding off the energy complex, NYMEX gasoline futures climbed back into positive territory to close the session at $2.28 a gallon, while natural gas spot prices at the Henry Hub saw an uptick in commercial buying, ultimately settling to just under $4 per thousand cubic feet.
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