WASHINGTON (dpa-AFX) - Oil prices moved higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries, and Moscow's directive to cut outputs to be in line with OPEC+ targets.
A weak dollar amid expectations of interest rate cuts by central banks contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for May ended higher by $1.32 or about 1.64% at $81.95 a barrel.
Brent crude futures ended down by $1.32 or about 1.55% at $86.75 a barrel.
Israel's war on Hamas and Yemen's Houthi militants attack in the Red Sea route also continue to cause concerns about global oil supplies.
Several OPEC+ countries have agreed to voluntary production cuts totaling 2.2 million barrels per day through the second quarter.
The Federal Reserve has signaled three rate cuts this year. The European Central Bank and the Bank of England are also widely expected to reduce interest rates sooner than later.
Analysts at Goldman Sachs named crude oil along with aluminium, copper, and gold, as some of the commodities whose prices could increase substantially this year thanks to a changed economic outlook.
Lower interest rates will help the recovery of the manufacturing industries and stimulate consumer demand, while geopolitical risks continue, the investment bank's analysts said in a note.
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