Oil rises to a 10-week high as the US dollar weakens

Oil prices rose today, as Brent crude closed at its highest level since April 28 and WTI closed at its highest level since May 1, with the US dollar falling to its lowest level in two months. The US Energy Information Administration (EIA) predicted that global oil production would rise from 99.9 million barrels per day in 2022 to 101.1 million barrels per day in 2023 and 102.6 million barrels per day in 2024, while global demand would rise from 99.4 million barrels per day in 2022. to 101.2 million barrels per day in 2023 and 102.8 million barrels per day in 2024.

Brent crude futures rose $1.71, or 2.2%, to $79.40 a barrel, and US West Texas Intermediate crude futures rose $1.84, or 2.5%, to $74.83 a barrel.