World oil prices rise on depreciating dollar

World oil prices rose by almost 2% during the day, while investors evaluate the results of negotiations between the leaders of the United States and Saudi Arabia.
Quotes continue to be affected by the weakening of the US dollar and risk appetite, which is observed in world markets.

The price of Brent crude September futures rose by 1.89% to $103.07 per barrel, and the September futures of WTI went up by 1.83%, reaching $96.3.

Markets follow the news regarding the supply of oil. Thus, the US authorities yesterday expressed the opinion that the OPEC countries have the opportunity to increase oil production, and that they expect new steps in this direction from them in the coming weeks. At the same time, Saudi ministers insisted that decisions on oil policy would be made in accordance with market conditions and within the framework of OPEC+, Bloomberg writes.

The dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) fell by 0.6% to 107.42. The dollar's depreciation makes commodities, including oil, more affordable when bought in another currency.

In addition, global investors are more prone to risk. Thus, American stock indices rose on Friday by an average of 2%, Asian stock exchanges showed an increase of 1%-3% on Monday, and European ones rose by 1.5%. At the same time, copper, aluminum and nickel rose in price by 2.8%, 2.1% and 1.1%, respectively.

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