Oil rises due to falling value of the US dollar, strong demand for…

(MENAFN) Oil prices surged on Monday as the value of the US dollar tumbled, making dollar-pegged crude oil more affordable for traders amid China’s verdict to hold interest rates unchanged for the second month in a row boosted confidence for tougher demand. in the second largest oil consumer in the world.

Main international Brent crude was trading at $92.62 a barrel at 10:16 a.m. regional time (07 16 GMT) for a gain of 1.08% from the final price of $91.63 a barrel in the trading session. previous exchange.

The US main West Texas Intermediate (WTI), trading at $85.47 a barrel at the same time, was up 0.97% after ending the previous session at $84.65 a barrel.

The US dollar index, which measures the value of the US dollar against a large number of currencies, such as the Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell 0, 23% to 112.95 early Monday.

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