Benchmark crude oil prices are rising on Thursday afternoon amid a weaker US dollar.
The price of October futures for Brent on the London-based ICE Futures exchange at 14:54 Q2 stands at $84.18 per barrel, up 73 cents (0.87%) from the previous session’s close.
Quotes of futures for WTI crude oil for September at the electronic trading of the New York Mercantile Exchange (NYMEX) by the specified time rose by 72 cents (0.91%) and amounted to $80.1 per barrel.
The DXY index, which reflects the value of the U.S. currency against six other major world currencies, is down 0.2% in Thursday trading, boosting the appeal of commodities traded there.
“Bulls” in the oil market are seeking to break a streak of three consecutive sessions in the negative, associated with concerns about demand from China and rising US Treasuries yields, among other things, writes MarketWatch.
After the release of strong macroeconomic data, the yield on 10-year U.S. government bonds reached the maximum since 2008, the online edition notes. Meanwhile, weak statistics from the People’s Republic of China and increased concerns about the Chinese real estate market had a negative impact on the assessment of the prospects for consumption by the economy of this country.
