Oil rises thanks to hopes of economic recovery and the decline of the dollar

Baghdad Oil prices rose by more than a dollar a barrel today, Thursday, supported by a state of optimism about the pace of global economic growth despite the Corona pandemic, as well as due to the decline in US crude stocks.

Brent crude rose $1.78, or 2.5 percent, to $73.37 a barrel, and US West Texas Intermediate crude rose $1.92, or 2.8 percent, to $70.51 a barrel.

The number of Americans filing new claims for unemployment benefits fell last week, while the layoff rate in August fell to its lowest level in more than 24 years, indicating labor market activity despite new Covid-19 infections.

The Organization of the Petroleum Exporting Countries and allied producers, including Russia, a bloc known as OPEC+, raised demand forecasts for 2022, in a sign of optimism about the global economic recovery.


Source: National Iraqi News Agency