Oil prices rise on weakening dollar

Global oil prices rose on February 16 morning, Report informs referring to the auction data.

Prices are stabilizing after the previous decline and against the backdrop of the depreciation of the dollar against world currencies.

The price of April futures for Brent crude rose by 0.43% to $85.75 per barrel, and March futures for WTI grew by 0.59% to $79.05.

Oil fell in price in the past two days. This was facilitated, in particular, by data on US crude stocks: on February 15, after the release of statistics, oil prices fell within 1.5%. According to the US Department of Energy, commercial oil reserves in the country jumped by 16.3 million barrels in the week to February 10.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) decreased 0.25% on February 16 to 103.66 points. A weaker dollar is supporting demand for commodities, including oil, making them more affordable to buy in other currencies.