Oil prices rise after weak dollar

Baghdad – Today, Friday, crude oil prices recorded a significant increase, supported by the weakness of the dollar.

The futures contracts for the month of October next rose by 1.41%, to reach $72.07 a barrel, while the price of Brent crude futures contracts, for the month of next November, rose by 1.28% to reach $71.08 a barrel.

The US WTI futures contract for the month of October also rose by 1.39%, to reach $68.36 per barrel.

This week, the strongest growth in oil prices was recorded since October of last year, as the price of Brent crude rose by 8.9% and WTI by 9.55%.

The rise in the price of oil supports the weakness of the dollar, as its index (the price of the dollar against a basket of currencies of six countries – the main trading partners of the United States) decreased by 0.07% to 93 points.


Source: National Iraqi News Agency