NextGen Day

The publication of encouraging economic data from the United States, the depreciating US dollar, and a supply reduction projection from OPEC+ nations all contributed to an increase in oil prices on Monday.

At 9:51 a.m. local time (06:51 GMT), the price of international benchmark Brent crude was $75.97 per barrel, up 0.89 percent from the previous trading session’s closing price of $75.30 per barrel.

The benchmark West Texas Intermediate (WTI) oil price in the United States was trading at $72.02 per barrel simultaneously, up $0.95 from the session’s previous closing of $71.34 per barrel.

According to US Labor Department figures, the jobless rate fell to 3.4 percent on Friday, a 53-year low, which eased concerns about a recession.

Early on Monday, the US dollar index, which gauges how much the US dollar is worth about a basket of currencies including the British pound, Canadian dollar, Swedish krona, and Swiss franc, fell 0.13 percent to 100.865.

A falling dollar makes dollar-indexed crude oil more affordable for buyers using foreign currencies.

On the supply side, the assumption that the OPEC+ group would agree to reduce output during its meeting in June supported the price increase.

The gathering is scheduled for June 4. In addition to the 2 million barrels per day production limit since October, the OPEC+ group, led by Saudi Arabia and Russia, opted to undertake voluntary cuts of about 1.6 million barrels per day starting in May.

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