Oil Prices Rise Nearly 1% at Settlement, Supported by Weaker Dollar

Doha: Oil prices rose nearly 1 percent at settlement on Monday, supported by a weaker dollar: Brent crude futures climbed 57 cents, or 0.86 percent, to settle at $67.04 a barrel, while US West Texas Intermediate (WTI) crude futures increased by 71 cents, or 1.10 percent, to settle at $65.29 a barrel. According to Qatar News Agency, the rise in oil prices comes after a notable increase last week, where Brent crude rose by 4 percent and WTI crude surged by 6.2 percent. This uptick was influenced by the optimism surrounding a potential US-China trade deal, which has boosted some investors' risk appetite. Additionally, the weaker dollar has contributed to the support of oil prices. The US currency index fell by 0.2 percent, making crude more affordable for holders of other currencies, thus encouraging more purchases in the global market.