Oil Prices Surge 2 Pecent on Weaker Dollar, Strong Demand Hopes, Supply Cuts - News18
[ad_1]
Last Updated: July 12, 2023, 01:25 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices surge 2% on falling dollar, demand hopes, and supply cuts. Brent settles at highest since April, WTI at highest since May Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling U.S. dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.71, or 2.2%, to settle at $79.40 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.84, or 2.5%, to settle at $74.83. Brent’s settlement was its highest since April 28 and WTI’s since May 1. Brent was in technically overbought territory for the second time in three days. “The break of the recent high could be viewed as a bullish step that could give (Brent) the momentum to break back above $80," said Craig Erlam, a senior market analyst at OA