The oil market experienced a more than 1% rise last week, adding on to previous gains. Saudi commented that they’d rather have a market somewhat undersupplied than end the OPEC deal and withhold production.
Traders said, “Prices rose on the back of ongoing weakness in the U.S. dollar against other leading currencies, further supported by rising stock markets.”
The same report concludes, “A weaker greenback potentially stokes consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies.”
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