Global Oil Prices Start to Rise: The Reason Behind It

Global oil prices have begun to rise on Monday morning. The quotes are supported by an agreement on raising the upper limit of the U.S. national debt, as indicated by auction data.

The price of Brent crude oil for August futures has increased by 0.71 percent, reaching $77.53 per barrel, while WTI oil for July futures has risen by 0.83 percent, hitting $73.27.

Traders are more willing to take risks, which is positive for oil prices following the agreement on the U.S. government's debt ceiling. Earlier, U.S. President Joe Biden announced that he had reached a budget agreement with House Speaker Kevin McCarthy to avoid a national default.

Oil quotes are also supported by the depreciation of the dollar against global currencies, making commodities, including oil, more accessible for purchase in other currencies. The dollar has weakened by 0.14 percent against the yen and the euro.