Oil prices rise, supported by potential US purchases to increase the strategic reserve


Baghdad: Oil prices rose today, Tuesday, continuing their gains for the second day, thanks to hopes of rising seasonal demand for fuel and potential American purchases to increase the strategic petroleum reserve, despite the rise in the dollar that limited the gains.

Brent crude futures rose 28 cents, or 0.3 %, to $81.91 per barrel, and US West Texas Intermediate crude futures increased 31 cents, or 0.4 %, to $78.05.

Crude prices rose about 3% yesterday (Monday) to their highest level in a week, supported by expectations of increased demand for fuel in the summer, despite the rise in the dollar and expectations that the Federal Reserve (the US central bank) will keep interest rates high for a longer period.

Source: National Iraqi News Agency