Oil prices rose during Monday's trading in Asian markets, with the easing of Corona restrictions in the Chinese city of Chengdu, and amid anticipation of the US Federal Reserve's decision on the interest rate.
The rise in oil prices came today after the falling dollar and concerns over supply before the European Union embargo on Russian oil in December eased fears of a global recession that could weaken demand for fuel.
Brent crude futures rose 60 cents, or 0.7%, to $95.91 a barrel by 3:30 GMT, after rising 0.5% at Friday's close.
The price of US West Texas Intermediate crude recorded $85.50 a barrel, up 39 cents, or 0.5%.
Brent and US crude contracts fell more than 1% last week on concerns that another Fed rate hike would slow global growth.
On the other hand, the dollar's weakness supported crude contracts, Brent and Texas, as the dollar's decline makes dollar-denominated commodities less expensive for holders of other currencies.
The weakness of the dollar was reflected in the price of the yellow metal, as gold prices rose in early trading, while investors assessed some of the risks of large increases in interest rates expected by major central banks this week, especially the Federal Reserve (the US central bank) to cut inflation.
Spot gold rose 0.2% to $1,677.89 an ounce, while US gold futures rose 0.2% to $1,686.5, according to Reuters. While the dollar index fell 0.2%, making gold less expensive for buyers abroad.
