“Oil prices rose on Monday to their highest level since mid-October as cold weather spurred demand, as well as a weaker dollar and expectations of tougher sanctions on Iranian and Russian oil exports.”, — write: epravda.com.ua
Oil prices rose on Monday to their highest level since mid-October as cold weather spurred demand, as well as a weaker dollar and expectations of tougher sanctions on Iranian and Russian oil exports. This is reported by the Reuters agency. Brent crude futures rose 49 cents, or 0.6%, to $77 a barrel, the highest since Oct. 14. U.S. West Texas Intermediate crude rose 49 cents, or 0.7%, to $74.45, the highest since Oct. 11. Earlier, oil prices rose for five straight trading sessions, boosted by expectations of stronger demand due to colder weather in the Northern Hemisphere and new fiscal stimulus to support the Chinese economy.Advertisement: Brent prices have been abnormally supportive, according to SEB analyst Bjarne Scheldrop. cold weather in Northwestern Europe and the USA, rising prices for natural gas and increasing profitability of oil refining. The weakening of the US dollar also contributed to the increase in prices. A weaker dollar makes commodities like oil cheaper for buyers using other currencies. The dollar fell 1% on Monday after the Washington Post reported that President-elect Donald Trump was considering tariffs that would apply only to critical imports.Advertisement: On the supply front, tougher Western sanctions on Iranian and Russian oil supplies are likely.