Oil prices rise on Monday due to summer fuel demand optimism despite a stronger US dollar and higher interest rates.
Oil prices rose on Monday, driven by optimism for increased summer fuel demand, despite a stronger US dollar and expectations that the US Federal Reserve will maintain higher interest rates. Goldman Sachs analysts predict Brent to reach $86 per barrel in the third quarter due to solid summer transport demand, potentially causing a third-quarter deficit of 1.3 million barrels per day. The US dollar reached a one-month high against a basket of other currencies as the euro fell sharply due to political uncertainty in Europe.
June 10, 2024
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