- Oil prices rise supported by the better tone of the markets.
- The dollar extends the decline from the highs in decades.
Oil prices are rising around 1% on Monday, extending the recovery from the lowest in months. The rebound gained momentum due to a better climate in the stock markets and the weakness of the dollar.
The barrel of WTI (trading platform) found support at the $85.00 area and recently rose to $87.72, reaching the highest level since Wednesday. In the preview of the American session, the WTI is still close to the highs, with the bullish tone intact. The price of Brent rises 1.10% and is close to $94.00.
On Monday, the optimism in the equity markets is helping the demand for oil, which is also supported by the decline in the dollar. The upward trend gained momentum after the start of the European session.
Oil prices continue to move between a weak global economic outlook for the coming months and the production cut of 100,000 barrels per day from October decided by the Organization of Petroleum Exporting Countries and allies. Added to the bad outlook are the restrictions in China due to COVID cases.
Technical levels
Source: Fx Street
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