Oil prices increased on Monday with the release of positive economic indicators from the US, the declining value of the US dollar, and a supply cut forecast from OPEC+ countries.
International benchmark Brent crude traded at $75.97 per barrel at 9.51 a.m. local time (0651 GMT), a 0.89% increase from the closing price of $75.30 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at the same time at $72.02 per barrel, up 0.95% from the previous session’s close of $71.34 per barrel.
The US Labor Department’s data showed a 53-year low in its unemployment rate on Friday at 3.4%, easing recession concerns.—AA
