Mon, 17 May 2021

Oil prices rise amid demand hopes

04 May 2021, 06:44 GMT+10

NEW YORK, May 3 (Xinhua) -- Oil prices advanced on Monday as hopes for demand recovery outweighed worries about surging COVID-19 infections in India.

The West Texas Intermediate for June delivery added 91 cents to settle at 64.49 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 80 cents to close at 67.56 dollars a barrel on the London ICE Futures Exchange.

Oil prices also garnered some support from a weaker U.S. dollar. The dollar index, which measures the greenback against six major peers, slid 0.37 percent to 90.9487 in late trading on Monday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

For the week ending Friday, the U.S. crude futures climbed 2.3 percent, while Brent crude rose 1.7 percent.

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