Oil prices rose significantly at the start of weekly trading on Monday, WTI rising more than 1% to test at $69.50 as investors grew more optimistic about economic growth in US.
US oil recovered more than half of the losses on Friday and is looking to test its highest level last week at $69.95 on expectations strengthening oil demand from the world's largest oil consumer after data showed US economy grew at its fastest pace in four years During the second quarter of the year outperforming trade tensions between the US and China which made many expect slowing economic growth for the coming period.
Moreover, the decline in US crude inventories last week continued to provide more support for world prices. As well as increased pressure on the US dollar against most currencies to drop the dollar index, which measures the value of the currency against six major currencies by 0.15%, which contributed to the rise of many goods denominated in dollars, such as oil.
