WASHINGTON (dpa-AFX) - Oil prices climbed higher on Monday as concerns about tight supply outweighed demand outlook. A weak dollar contributed as well to the rise in oil prices.
The dollar is weak ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to lower interest rate, but it is the size of reduction that is in focus.
West Texas Intermediate crude oil futures for October ended higher by $1.44 at $70.09 a barrel.
Brent crude futures were up $1.27 or about 1.77% at $72.88 a barrel a little while ago.
Chinese industrial production and retail sales grew less than expected in August, home prices fell at the fastest pace in nine years and unemployment rose, adding to concerns over economic recovery and bolstering the case for additional economic stimulus.
On the supply front, nearly 20% of Gulf of Mexico oil production reportedly remains offline due to Hurricane Francine.
Libyan exports slumped to a rate of roughly one cargo being shipped every two to three days, compared with a tanker every day or two at the start of the month, as United Nations-led talks failed to break an impasse over control of the central bank.
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