US EditionOil Inches up on Supply Concerns and Weaker Dollar
- Crude oil prices climbed about 3% on Monday, with Brent crude at $64.85 and WTI at $62.82 per barrel amid supply concerns and a weaker dollar.
- The increase followed mounting geopolitical tensions stemming from the Russia-Ukraine conflict and Iran's expected refusal of a U.S. Offer aimed at resolving the nuclear dispute, which would have maintained sanctions.
- Wildfires in Alberta, Canada, shut down around 350,000 barrels per day or 7% of production, while OPEC+ kept July output increases steady at 411,000 barrels per day.
- ANZ strategist Daniel Hynes observed that as the anticipated negative outcomes failed to materialize, investors reversed the short positions they had established before the weekend's meeting, which helped reduce some of the pressure on the market.
- If Iran rejects the nuclear talks definitively, continued U.S. Sanctions could restrict Iranian supply further, supporting oil prices alongside supply disruptions and a weaker U.S. Dollar.
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Oil prices were supported by a weaker dollar exchange rate. A weaker dollar makes crude oil cheaper for investors in other currency areas. This supports demand.
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Total News Sources16
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
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- 75% of the sources are Center
75% Center
C 75%
R 25%
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