As the dollar weakened on Thursday, oil prices increased, but further price increases were restrained…
Low recession worries from favorable US statistics have caused oil prices to rise.
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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