Singapore-SANA
Oil prices rose today, buoyed by a weaker dollar and supply cuts from Canada and OPEC Plus producers, as investors awaited to see how exports would be affected by commitments by the Group of Seven countries to strictly enforce the Russian crude price cap.
Reuters reported that Brent crude futures rose 14 cents, or 0.2 percent, to $75.72 a barrel, and U.S. West Texas Intermediate crude for July delivery rose 15 cents, or 0.2 percent, to $71.84.
The dollar retreated from a two-month high against a basket of major currencies amid investor expectations that the Federal Reserve will keep interest rates unchanged at its June meeting, and a weaker greenback makes dollar-priced commodities more attractive to investors.
The Group of Seven countries pledged at their annual leaders' meeting on Monday to step up efforts to counter Moscow's circumvention of the Russian oil price cap "while avoiding spillover effects and preserving global energy supplies".
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