Oil prices rose on Monday, a day following an influx of travelers into China following the reopening of borders raised expectations for fuel demand and partially offset fears of a global recession.
Sharjah 24 – Archyde.com:
Oil prices rose on Monday, a day following an influx of travelers into China following the reopening of borders raised expectations for fuel demand and partially offset fears of a global recession.
Brent crude futures rose 53 cents, or 0.7%, to $79.10 a barrel by 01:14 GMT, while US West Texas Intermediate crude was $74.23 a barrel, up 46 cents, or 0.6%.
Hopes of less sharp increases in interest rates in the US are boosting financial markets and leading to a decline in the dollar. A weaker dollar makes dollar-denominated commodities more accessible to investors holding other currencies.
Both Brent and West Texas Intermediate crude fell more than 8% last week, their biggest weekly drop at the start of a new year since 2016.