US crude oil rallies on softer US dollar

WTI crude oil has risen over 2% and is currently trading at $77.53, after hitting a daily low of $75.49. Oil prices are influenced by the weak dollar and geopolitical tensions.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) are considering additional supply cuts when the cartel meets on November 26.

Traders are also considering Russian crude trade after Washington imposed sanctions on Russian crude ships sending it to India. Moscow lifted a gasoline ban export on Friday, which could cap WTI prices.

The latest US Baker Hughes rig count suggests that oil prices might head lower due to an increase in supply. US refineries are expected to boost production by 559,000 barrels per day this week, leaving 264,000 barrels of capacity offline.

Geopolitical risks could also boost oil prices, with the Middle East conflict remaining contained within the Gaza Strip. Crude oil futures are settling at $77.60, up $1.71 or 2.25%.