Wednesday, 31 May 2023 12:49 GMT

Oil surpasses USD86 per barrel, while the dollar weakens

(MENAFN) As the US dollar sank to its lowest level in more than a year, international crude oil prices surged to a peak of nine weeks, making supplies more inexpensive for owners of additional currencies.

Brent crude futures rose by 1.93 percent to USD86.1 a barrel, reaching their top level since October 25, 2021. Whilst, in February West Texas Intermediate (WTI) crude jumped by 2.2 percent to reach USD83.95 a barrel, putting the US benchmark on track for a 6.2 percent week-on-week gain; making it the fourth time in a row.

Although the US dollar index was up by 0.1 percent, to reach 94.931, yet by the end of the week it fell by almost 0.9 percent; making its worst presentation in eight months.


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