Baghdad – Oil prices rose in Asian morning trading today, Monday, with the rise in Chinese demand and the weakness of the dollar, but the persistence of concerns about a possible increase in US interest rates worried investors in limiting the rise in prices.
According to Reuters: Brent crude futures rose 18 cents to $82.96 a barrel by dawn today, and West Texas Intermediate crude futures rose 20 cents to $76.88 a barrel.
Chinese demand rose with China’s opening up and an improvement in jet fuel, which contributed to the recovery in prices, and the weakness of the dollar, which makes oil cheaper for holders of other currencies, also helped support oil prices.
However, market sentiment remained fragile as concerns about further monetary tightening and interest rate hikes by the Federal Reserve were exacerbated by high crude oil inventories in the United States, which greatly limited the price hike.
Source: National Iraqi News Agency