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Oil prices are strongly rising as expectations of a decline in US oil production and a weak dollar boost the market.
[Coin World] Today during the US session, oil prices are fluctuating, but ultimately broke upward due to the combined effects of the following factors: optimistic economic sentiment, a positive risk pattern following the US-Vietnam trade protocol, a survey from the Dallas Fed showing that 42% of large US oil producers expect to significantly reduce drilling, and overall weakness of the dollar (related to trade and the US budget). In addition, the weekly inventory report from the US has mostly been bearish, marking a low point in the US trading session at 65.18 dollars. Subsequently, oil prices rose by nearly 2 dollars, reaching the best level since the Israel-Iran ceasefire.