2021.03.0909:19:00UTC+00Oil Prices Rise On Dollar Weakness

Oil prices rose about 1 percent on Tuesday as the dollar backed away from 3-1/2 month highs amid a retreat in bond yields.

Brent crude futures for May settlement climbed 1.1 percent to $68.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for April delivery were up 1 percent at $65.73.

U.S. Treasury yields stabilized and long-dated euro zone government bond yields dipped ahead of the release of final gross domestic data for the bloc, due out later in the day and Thursday's meeting of the European Central Bank's governing council.

Official data released earlier in the day showed that German exports grew unexpectedly by 1.4 percent month-on-month in January, while economists had forecast a 1.2 percent decline.

Elsewhere, U.K.'s retail sales returned to growth last month, prompted by the prime minister's roadmap to reopening announcement, the British Retail Consortium said.

U.S. Treasury Secretary Janet Yellen said on Monday that President Biden's coronavirus aid package would provide enough resources to fuel a "very strong" U.S. economic recovery, and that "there are tools" to address inflation if it becomes a problem.