Oil prices jumped more than five dollars on Monday, boosted by a weak dollar and expectations that the US Federal Reserve will not raise interest rates by a full percentage point at its next meeting to fight inflation.<\/p>\n\n\n\n
The global benchmark Brent crude contracts for September delivery ended the trading session up $5.11, or 5.1 percent, to settle at $106.27 a barrel, after rising 2.1 percent on Friday.<\/p>\n\n\n\n
And US benchmark West Texas Intermediate crude contracts for August delivery rose $5.01, or 5.1 percent, to close at $102.60 a barrel after recording an increase of 1.9 percent in the previous session.<\/p>\n\n\n\n
Two Federal Reserve officials indicated on Friday that the US central bank would raise interest rates by only 75 basis points at its July 26-27 meeting. Earlier reports that the Fed was considering an increase of 100 basis points had sent markets lower late last week.<\/p>\n\n\n\n
On Monday, the dollar index fell from its highest level in several years, supporting commodity prices. A weak dollar makes green-denominated goods less expensive for holders of other currencies.<\/p>\n\n\n\n
Last week, Brent and US crude posted their biggest weekly losses in about a month last week.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices jumped more than five dollars on Monday, boosted by a weak dollar and expectations that the US Federal Reserve will not raise interest rates by a full percentage point at its next meeting to fight inflation. The global benchmark Brent crude contracts for September delivery ended the trading session up $5.11, or 5.1 …<\/p>\n","protected":false},"author":9,"featured_media":61009,"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-68669","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\/68669","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=68669"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68669\/revisions"}],"predecessor-version":[{"id":68674,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68669\/revisions\/68674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=68669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=68669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=68669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}