Global oil prices have begun to rise due to the weakening of the US dollar, as confirmed by trading data on the London ICE exchange.
At the time of this report, the price of March futures for Brent crude oil increased by more than 0.5 percent, reaching $64.49 per barrel, with a maximum price of $64.52. During trading, the minimum price per barrel was recorded at $63.30.
There is also an increase in prices for WTI crude oil contracts, which rose by more than 0.5 percent to $59.96 by March. The minimum price for this type of oil was around $58.76 per barrel.
At the same time, the US dollar index, which reflects the exchange rate of the American currency against the currencies of its largest trading partners, decreased by 0.62 percent, amounting to 98.44 dollars. The falling currency quotes contribute to an increase in demand for commodities such as oil, making them more accessible to buyers.
Pierre-Olivier Gourinchas, the chief economist of the International Monetary Fund (IMF), noted that global oil prices could start to rise if the US begins active military operations in Iran, which is facing serious protests due to the economic crisis. This situation could pose a serious threat to the oil market, as it may lead to a potential closure of the Strait of Hormuz, through which Middle Eastern oil reaches the global market, Gourinchas explained.
