Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar, while investors awaited news from U.S.-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand.
Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.19 a barrel, the highest since April 28.
U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4.
A weaker U.S. dollar gave some support to oil prices, as the dollar index (.DXY), opens new tab dropped 0.3%, making oil cheaper for holders of other currencies.
Last week, Brent rose 4% and WTI gained 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors.
U.S. President Donald Trump and China's leader Xi Jinping spoke by telephone on Thursday before U.S. and Chinese officials met in London on Monday to calm trade tensions between the two nations.
A trade deal between the United States and China could support the global economic outlook and in turn boost demand for commodities including oil.
Source : Reuters
Oil prices rose after President Donald Trump said he would shorten the deadline for Russia to agree to a ceasefire in Ukraine, adding to earlier gains from the U.S.-European Union trade deal. Brent o...
Oil prices edged higher on Monday (July 28th) as investors assessed the trade deal between the United States and the European Union, while a stronger US dollar and lower oil imports from India weighed...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic...
Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was near $69 a barrel after closing 1.1% lower on Fri...
Oil steadied after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was above $68 a barrel after closing 1.1% lower on Friday, and W...
The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly...
The US Dollar (USD) starts the week on a firmer note, extending its modest recovery since Thursday, as easing global trade tensions lift investor sentiment. Interestingly, the Greenback, which typically underperforms in a risk-on environment, is...
Gold is trading in a narrow range on Monday, as economic data, easing trade tensions, and the fragility of the US Dollar continue to influence price action. At the time of writing, Gold is trading near $3,310 per ounce, down from earlier highs...
The S&P 500 rose 0.4% on Friday (July 25), notching its fifth consecutive record close—its longest streak in more than a year—while the Nasdaq...
European governments and companies reacted with a mix of relief and concern on Monday (July 28th) to the framework trade agreement reached with US...
The United States and European Union have reached a landmark trade agreement that includes a 15% tariff on EU goods entering the U.S., President...
Major bourses in Europe were higher on Monday, with the STOXX 50 adding 1.3% and the STOXX 600 gaining 1%, after the US and European Union reached a...