Oil Prices Rise Amid Dollar Weakness
(MENAFN) Oil values experienced a slight increase on Monday as market participants moved to benefit from the prior week’s downward trend, with a diminishing US dollar further enhancing demand.
The global yardstick, Brent crude, climbed by 0.37 percent, being traded at USD66.58 per barrel as of 10:32 a.m. local time (0732 GMT), a modest rise from USD66.33 at the end of the earlier trading day.
In parallel, the American standard, West Texas Intermediate (WTI), also experienced a gain of around 0.26 percent, reaching USD64.71 per barrel, up from the previous session's USD64.54.
Last week, oil values endured their steepest weekly drop since March 2023, as tensions across the Middle East lessened.
Still, the decline of the US dollar against a basket of major currencies has helped bolster crude demand by making purchases more appealing to investors.
The dollar index slid by 0.3 percent to 97.2 on Monday, nearing its lowest point in three years.
The drop was largely influenced by US President Donald Trump’s ongoing remarks targeting the Federal Reserve’s policies.
A declining dollar tends to stimulate consumption by making crude less costly for those transacting in other currencies.
At the same time, news that the OPEC+ alliance—which includes the Organization of the Petroleum Exporting Countries (OPEC) and partner non-OPEC nations—is preparing to boost production by 411,000 barrels per day in August is preventing further increases in prices.
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