Oil Rises Amid Supply Concerns

Oil prices rose today, Monday, supported by a decline in the dollar and reduced supply from Canada and OPEC+ producers, as investors awaited to see how exports would be impacted by the G7 countries' commitments to strictly enforce the price cap on Russian crude. Brent crude futures increased by 0.2% to $75.72 per barrel. West Texas Intermediate crude also rose by 0.2% to $71.84. West Texas Intermediate contracts for June increased by 5 cents to $71.60 per barrel. The dollar decreased from its highest level in two months against a basket of major currencies, amid investor expectations that the U.S. central bank will keep interest rates unchanged at its upcoming meeting. The decline of the greenback makes dollar-priced commodities more appealing to investors.