International oil prices, which had fallen for the past week in a row, rose about 5 percent on the 23rd (local time) on the back of low-priced buying inflows and weak dollar. West Texas crude (WTI) and Brent crude oil both surged at around $3.5 a barrel, closing trading.
Reuters reported on the 23rd that oil prices rose more than 5 percent due to the weak dollar and strong global stock market.
On the New York Mercantile Exchange, the WTI closed at $6.54.00 a barrel, up $3.5 from the previous day. The WTI fell steadily in August. The WTI, which stood at $71.26 a barrel at the close of August 2, fell for the last seven consecutive trading days and closed at $62.32 a barrel on the 20th (local time). The WTI’s decline over the past week was 10.44 percent, but it rose more than 5 percent on the day, recovering $65 a barrel.
Brent crude also rose 3.57 dollars and 5.48 percent from the previous trading day to $68.75 a barrel. This month, Brent crude stood at $64.60 a barrel, its lowest level since May 21. Brent crude also recorded $72.89 a barrel on the 2nd of this month, and fell steadily, collapsing the $70 a barrel level. After closing at $69.51 a barrel at the close on the 16th, it failed to recover to the $70 level. Brent crude also fell 9.09 percent during the seven consecutive trading days since the 12th.
Reuters reported last week that the dollar index rose to a nine-month high, but fell 0.4 percent on the same day. According to Reuters, the global stock market also saw its biggest drop last week, but it rose on that day.
Market experts, however, say concerns remain over a drop in crude oil demand as the coronavirus outbreak continues worldwide, and travel restrictions and blockades in parts of China continue. Therefore, international oil prices continue to rise and fall.
Reuters said investors are adjusting their positions ahead of the annual Jackson Hall meeting of the U.S. Federal Reserve in Wyoming on the 27th.
