Global oil prices increased on May 23 morning amid rising demand, Report informs.
The price of August futures for Brent crude rose by 0.57% to $110.62 per barrel, and June futures for WTI rose by 0.47% to $110.8.
The Wall Street Journal reports, citing analysts, that refineries in the US tend to increase production to satisfy the unquenchable thirst of American drivers.
In addition, oil prices are positively affected by the weakening of the dollar. The dollar index (the exchange rate against a basket of six currencies of US trading partners) is down 0.42% to 102.72 points. A cheap dollar makes commodities, including oil, more affordable when bought in another currency.