Oil prices turn higher, Brent crosses $84

Oil drilling rigs

Oil prices ended higher on Monday amid concerns about weak supplies and higher demand at a time the geopolitical tensions in the Middle East accelerate.

 

Brent crude futures leapt 1.95%, or $1.63, to $84.25 a barrel.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude jumped 2.4%, or $1.88, to $80.33 per barrel.

 

 The gains were partially driven by a decline in the dollar index, which measures the US currency against a basket of major peers, fell by 0.20% to 105.36 points, at 10:28 pm Makkah time.

 

China's oil refinery output slipped 1.8% from year-ago levels in May, statistics bureau data showed on Monday.

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Commodity Price

 
Brent Crude Oil
101.75
0.82 0.81%
Nymex
89.08
(1.16) (1.29%)

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