Baghdad, Oil prices rose more than three percent at settlement, Monday, to continue their gains for the fifth consecutive session amid increasing risks of supply disruptions.
Brent crude futures rose $2.64, or 3.3 percent, to $82.30 a barrel at settlement.
US West Texas Intermediate crude futures rose $3.33, or 4.2 percent, to $80.06 a barrel.
Brent crude rose 3.7 percent over the past week, while US West Texas Intermediate crude rose 4.5 percent, supported by stronger-than-expected US data and increased hopes for interest rate cuts in the world’s largest consumer of crude oil.
Investors are awaiting the release of US producer price index data on Tuesday, which is one of the main indicators for monitoring inflation levels, followed by the release of the consumer price index on Wednesday, which will provide additional insights into changes in the cost of living and their impact on consumers.
Source: National Iraqi News Agency