Oil rose back near US$100 a barrel, aided by a weaker dollar that put commodities broadly on a firmer footing.
West Texas Intermediate added as much as 3.1 per cent. European stock markets and US equity futures were higher on Monday. The dollar weakened -- making commodities priced in the currency more attractive -- as investors scaled back bets on how aggressively the Federal Reserve will tighten interest rates. Other raw materials including copper also gained.
Crude has slumped since mid-June as concerns about a potential recession ripped through commodity markets, eroding the gains that followed Russia’s invasion of Ukraine. While the drop has been a boost for the US administration, Biden remains eager to get the Organization of Petroleum Exporting Countries to add supplies to bring prices down further and help quell inflation. OPEC and its allies including Russia next meet on Aug.
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