Oil prices rose, supported by the dollar’s decline and supply cuts from Canada and “OPEC +” producers, amid investors’ anticipation to see the extent to which exports will be affected by the Group of Seven’s commitments to strictly apply the maximum price of Russian crude.
Brent crude futures rose 14 cents, or 0.2 percent, to $75.72, and US West Texas Intermediate crude for July delivery, the most traded futures contract, rose 15 cents, or 0.2 percent, to $71.84.
West Texas crude futures for the month of June, which expires later today, rose five cents to $71.60.
The dollar retreated from its highest level in two months against a basket of major currencies, amid expectations from investors that the Federal Reserve (the US central bank) will keep interest rates unchanged at its meeting in June. The greenback’s decline makes dollar-denominated commodities more attractive to investors.
2023-05-22 04:39:13
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