“Oil prices will remain heavy in the short-term and since many energy stocks have recently rebounded, they are ripe to see a lot of pain this week.”
Factory closures and travel curbs have also triggered a collapse in oil prices.
Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California said: “It’s definitely a risk-off day so the dollar is benefiting from that now.
Oil-linked currencies like the Norwegian crown and the Canadian dollar were Tuesday’s worst-performing currencies, along with the Swedish crown.
The dollar rose to a near one-month high against the Norwegian crown before easing to trade up one percent.