Print

International benchmarks for crude oil rose more than 5% on Monday, 18 July 2022 after the US dollar weakened slightly as industry experts do not expect the Federal Reserve to raise the interest rate by 100 basis-point this July. Meanwhile, Saudi Arabia is not expected to raise outputs as quickly as requested by the US. In addition, Russia’s Gazprom has declared force majeure on gas supplies to at least one major customer in the EU. 

Brent jumped $5.11 or 5.1% to close at $106.27/barrel.

WTI gained $5.01 or 5.1% to close at $102.60/barrel.