Slight Increase in Oil Prices

Futures prices for oil recovered their early losses and recorded a slight increase at the close of trading on Monday. This occurred as the dollar rose against other major currencies to its highest level in 16 months, which reduced the attractiveness of commodities and raw materials such as oil for investors. At the same time, President Joe Biden's call for OPEC+ countries to increase production at a higher pace limited demand for crude oil at the beginning of trading yesterday. The price of West Texas Intermediate, the benchmark for U.S. oil, rose by $0.06, or 0.1%, to $80.88 per barrel for December delivery. Meanwhile, the price of Brent crude, the global benchmark, slightly decreased to $82.10 per barrel for December delivery. Earlier in the trading session, Brent had fallen to $80.67 per barrel.