• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 20 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 8 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 29 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 12 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 mins Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 16 hours Are you aware of Oil Price short videos on our energy topics?
  • 21 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 23 hours NordStream2
  • 5 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 411 days Class Act: Bet You've Never Seen A President Do This.
  • 37 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
Brent Crude Nears $85 As Global Energy Crisis Worsens

Brent Crude Nears $85 As Global Energy Crisis Worsens

Oil prices extended Friday’s rally…

Putin: $100 Oil Is “Quite Possible”

Putin: $100 Oil Is “Quite Possible”

Asked by CNBC’s Hadley Gamble…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Rise On Weaker U.S. Dollar

Following a 6-percent weekly gain last week, oil prices were slightly up on Monday morning, erasing earlier losses as the U.S. dollar weakened again.

As of 10:39 a.m. EDT on Monday, WTI Crude was up 0.32 percent at $63.30 and Brent Crude was trading up 0.19 percent at $66.88.

The weaker U.S. dollar was supporting oil prices early on Monday as it makes oil cheaper to buy for holders of other currencies.

Price gains, however, were limited, in view of the second “tsunami” wave of COVID-19 cases in India, a major oil consumer and the third-largest importer of crude oil in the world.

The country has been reporting record daily new cases in recent days and on Monday, the capital New Delhi announced a six-day lockdown as hospitals are overwhelmed with patients with severe COVID symptoms. Earlier this month, the biggest city and financial center, Mumbai, was also placed on lockdown until the end of this month, threatening the recovery of fuel demand in the country.

Last week, a flurry of bullish news pushed oil higher by 6 percent for the week, despite the continued concerns about demand in India and other major economies. Related: Oil Demand Could Peak By 2026: Goldman Sachs

The U.S. weekly jobless claims hit their lowest since the pandemic started, while advance estimates showed that U.S. retail sales jumped by 9.8 percent in March 2021 from February, and by 27.7 percent compared to March 2020. The EIA reported a draw of 5.9 million barrels in U.S. crude oil inventories in the week to April 9, while both OPEC and the International Energy Agency (IEA) lifted their forecasts for this year’s global oil demand growth, due to expected stronger economies. 

Crude oil prices “closed above their recent ranges on Friday, but with global virus cases hitting new records, the prospect for a sustained rally at this stage seems limited,” Saxo Bank said on Monday.

“With the prospect of additional barrels over the coming months from OPEC+, Iran and the U.S. we see the upside potential in Brent crude limited to $70/b until vaccine rollouts significantly changes the demand dynamics,” Saxo Bank analysts added.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News