Oil Settles at Two-Week High

Oil prices rose registered their largest rise in a week, joining an upward trend by most commodities amid a decline by the U.S. Dollar (USD).

Crude oil futures also continued to be supported by the weekly decline in U.S. inventories, as official data showed on Wednesday, easing recent concerns about weaker demand for fuel.

These factors, alongside a positive sentiment among investors, helped oil prices reach their highest levels in about two weeks.

Brent crude futures for September delivery closed higher by $1.31, or 1.75%, at $76.05 per barrel.

WTI futures for September delivery gained $1.23, or 1.70%, and settled at $73.62 per barrel

For both the global and U.S. global benchmarks, today marked the biggest gain since July 22 and the highest closing level since July 13.