Reported 4 months ago
Oil prices rose over $1 a barrel on Tuesday due to expectations that OPEC+ will maintain crude supply cuts at its upcoming meeting, the start of the U.S. summer driving season, and a weaker U.S. dollar. Brent crude settled at $84.22 a barrel, up 1.4%, while U.S. crude ended at $79.83 a barrel, up 2.7% from Friday. Traders anticipate OPEC+ to continue voluntary production cuts, with a weaker dollar and the summer driving season boosting demand. Additionally, ongoing conflict in the Middle East and rising air travel data also supported the increase in oil prices.
Source: YAHOO