Mon, 02 Aug 2021

Oil prices rise after upbeat week

Xinhua
22 Jun 2021, 06:18 GMT+10

NEW YORK, June 21 (Xinhua) -- Oil prices advanced on Monday, extending the gains they scored in the prior week.

The West Texas Intermediate (WTI) for July delivery added 2.02 U.S. dollars to settle at 73.66 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 1.39 dollars to close at 74.90 dollars a barrel on the London ICE Futures Exchange.

Prices garnered some support from optimism over demand recovery and a weaker U.S. dollar.

The dollar index, which measures the greenback against six major peers, decreased 0.36 percent to 91.8945 in late trading on Monday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

For the week ending Friday, the WTI rose 1 percent and Brent gained 1.1 percent, based on the front-month contracts.

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