Crude oil prices rose for the fourth consecutive session on Tuesday on hopes of boosting demand in China.
On Tuesday, the commodities and commodities companies market was dominated by demand stemming from reports from China about planned new measures to stimulate economic growth and consumption. In addition, news of the best US consumer sentiment in two years supported oil prices and an increase in the International Monetary Fund’s forecast for global economic growth this year. The rise in the price of the dollar, whose index reached its highest value in two weeks, hindered a further increase in commodity prices.
At the close of the session on NYMEX, the price of West Texas Intermediate crude oil from the September contract increased by 1.1 percent. It comes to $79.63. Previously, it fluctuated in the range of 78.29-79.90 USD. A barrel of Brent crude from September contracts rose 1.0 percent. It comes to $83.61. Previously, the price was moving between $82.22 and $83.87. Oil is the most expensive in more than three months.