Oil prices extended gains on Monday, July 18, supported by a weak dollar and tight supplies, which offset fears about a recession and the possibility that widespread shutdowns in China to combat Covid-19 will again reduce demand for fuel.<\/p>\n\n\n\n
Brent crude futures for September delivery settled at $103.76 a barrel by 7:59 GMT, after a 2.1% gain on Friday.<\/p>\n\n\n\n
US West Texas Intermediate crude futures for August delivery also rose to $100.21 a barrel, after rising by 1.9% in the previous session.<\/p>\n\n\n\n
The US dollar fell from multi-year highs on Monday, supporting commodity prices that include gold and oil. A weak dollar reduces the cost of commodities denominated in it to holders of other currencies.<\/p>\n\n\n\n
Last week, Brent and West Texas Intermediate posted their biggest weekly declines in about a month amid fears of a recession hurting oil demand.<\/p>\n\n\n\n
Mass testing for COVID-19 continued in parts of China this week, raising concerns about oil demand in the world’s second-largest consumer.<\/p>\n\n\n\n
However, oil supplies remain tight, which supports prices.<\/p>\n\n\n\n
As expected, US President Joe Biden’s trip to Saudi Arabia failed to get any pledge from the largest producer in the Organization of the Petroleum Exporting Countries (OPEC) to increase oil supply.<\/p>\n\n\n\n
Biden wants Gulf oil producers to increase production to help cool high oil prices and lower inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices extended gains on Monday, July 18, supported by a weak dollar and tight supplies, which offset fears about a recession and the possibility that widespread shutdowns in China to combat Covid-19 will again reduce demand for fuel. Brent crude futures for September delivery settled at $103.76 a barrel by 7:59 GMT, after a …<\/p>\n","protected":false},"author":9,"featured_media":58279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8159,7004],"class_list":["post-68611","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil-prices","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=68611"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68611\/revisions"}],"predecessor-version":[{"id":68612,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68611\/revisions\/68612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58279"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=68611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=68611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=68611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}