Oil prices rose on June 13 morning against the backdrop of a weakening dollar, Report informs referring to Interfax.
August futures for Brent rose by $0.52 (0.72%) on the London ICE Futures exchange to $72.36 per barrel. During the previous session, Brent fell by $2.95 (3.9%) to $71.84 per barrel. This is the lowest level since December 20, 2021, according to Dow Jones Market Data.
By this time, July futures for WTI had risen in price on the New York Mercantile Exchange (NYMEX) by $0.38 (0.57%), to $67.5 per barrel. Following the results of the previous session, the contract fell by $3.05 (4.4%), to the lowest since March 17, $67.12 per barrel.
As a result of last week, Brent fell by 1.8%, WTI decreased by 2.2%.
The DXY index, which shows the value of the US dollar against six other major world currencies, is falling during trading by 0.2%, which increases the attractiveness of oil for holders of other currencies.
A meeting of the US Federal Reserve System will be held on June 13-14. The market predicts that the regulator will pause the cycle of tightening monetary policy.