Global oil prices have started to rise amid a weakening US dollar. According to trading data from the London ICE exchange, at the time of preparing this material, prices for March futures on North Sea Brent crude oil increased by more than 0.5%, reaching $64.49 per barrel. During trading, the maximum price was $64.52, while the minimum was $63.30.
At the same time, March contracts for the delivery of WTI oil from Texas also showed an increase, rising by more than 0.5% to $59.96. The lowest price for this type of oil was recorded at $58.76 per barrel.
The decline in the US dollar index, which reflects the exchange rate of the American currency against other major currencies, was 0.62%, bringing it down to $98.44. This drop makes commodities, including oil, more affordable for buyers, increasing demand for them.
As noted by the chief economist of the International Monetary Fund (IMF) Pierre-Olivier Gourinchas, global oil prices could rise if the US begins active military actions in Iran, which is experiencing mass protests amid an economic crisis. This potential threat could be crucial for the global oil market, as it may lead to the blockage of the Strait of Hormuz, through which a significant portion of Middle Eastern oil flows to the global market, Gourinchas added.
