Oil prices rose today, Monday, supported by the decline in the dollar and the reduction in supply from Canada and OPEC + producers, amid investors' anticipation to see the extent to which exports will be affected by the G7's pledges to strictly implement the maximum price of Russian crude.
Brent crude futures rose 14 cents, or 0.2%, to $75.72 a barrel by 00:18 GMT, and US West Texas Intermediate crude for July delivery, the most traded futures contract, rose 15 cents, or 0.2%, to $71.84. .
West Texas crude futures for June, which expires later on Monday, rose five cents to $71.60 a barrel.
The dollar fell from its highest level in two months against a basket of major currencies, amid expectations from investors that the US Federal Reserve will keep interest rates unchanged at its meeting in June. A weaker greenback makes dollar-denominated commodities more attractive to investors.
On Saturday, the G7 countries pledged at the annual meeting of their leaders to strengthen efforts to confront Moscow's circumvention of the ceiling on the Russian oil price, in parallel with avoiding spillover effects and preserving global energy supplies.
