Oil futures rose by more than one percent during the Asian session, to witness the rebound of the Nymex crude contracts for the second consecutive session from the lowest since the third of last February, and the rebound of Brent crude contracts for the second consecutive session from the lowest since the 22nd of the same month, amid the rebound of the US dollar index For the second session from the top since July 28, according to the inverse relationship between them.
This comes after developments and economic data, since the beginning of this week, by the Chinese economy, the largest importer of oil in the world and the largest industrial country in the world, and amid the scarcity of economic data on Monday by the American economy, the largest producer and consumer of oil in the world.
At exactly 07:08 am GMT, the NYMEX crude oil futures contract for August delivery rose 0.88 percent to trade at levels of $89.58 a barrel, compared to the opening at levels of $88.46 a barrel, knowing that the contracts started the session’s trading on a bearish price gap. After it ended last week’s trading at $89.01 a barrel.
Brent crude futures for September delivery also rose 1.47 percent to trade at $95.95 a barrel, compared to the opening at 94.27 percent a barrel, knowing that the contracts also started the trading session on a bearish price gap after it concluded last week’s trading at $94.92 a barrel. With the US dollar index down 0.06 percent to 106.54 compared to the opening at 106.60, knowing that the index closed last week’s trading at 106.62.