NEW YORK, July 27 (Xinhua) — Oil prices rose modestly on Monday as investors gauged multiple factors.
The West Texas Intermediate (WTI) for September delivery rose 31 cents to settle at 41.60 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery was up 7 cents to close at 43.41 dollars a barrel on the London ICE Futures Exchange.
“Oil prices are largely unchanged as the new week begins,” Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.
“The risks of a less robust recovery of demand due to coronavirus, and the political tensions between the U.S. and China, are weighing on prices,” while the weak U.S. dollar offered some support to crude prices, said Weinberg.
The dollar index, which measures the greenback against six major peers, decreased 0.82 percent at 93.6738 in late trading on Monday.
For the week ending Friday, front-month WTI futures gained 1.3 percent and Brent rose 0.5 percent. Enditem