WASHINGTON (dpa-AFX) - Crude oil prices continued to rise amidst Ukraine's successful offensive around Kharkiv and speculation on the impact it would have on supply of Russian oil. Fears of bottlenecks in the revival of the Iranian nuclear deal also triggered concerns over when the Iranian crude oil would make it to the world crude oil markets.
The Dollar's retreat also supported the rise in dollar denominated crude oil prices. The Dollar Index which measures the Dollar against a basket of six currencies weakened around 0.77 percent to 108.17 amidst hopes that the expected fall in inflation in the U.S. would persuade the Fed to soften its monetary policy stance.
Brent Oil Futures for November settlement is currently trading at $94.70, up 2 percent from the previous close of $92.84. The day's trade ranged between a high of $94.88 and a low of $91.21.
West Texas Intermediate Crude Oil Futures for October settlement traded between a high of $88.75 and a low of $85.17. It is currently trading at $88.58, having increased 2.06 percent from the previous close of $86.79.
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