Crude oil futures ended higher, extending their previous sessions’ gains, amid signs of tighter supplies in the global oil market. The dollar’s continued weakness contributed as well to the sharp rise in oil prices. The dollar index dropped to 106.40 before regaining some ground. Still, at 106.70, the index was down more than 0.6% a little while ago. However, Oil prices traded lower earlier in the session on worries about the outlook for energy demand as new coronavirus cases in China jumped to almost 700 and data showed the eurozone’s inflation accelerated as estimated in June to set a fresh record high, raising worries about a possible recession.
Benchmark crude oil futures for August delivery rose $1.62 or 1.6 percent to settle at $104.22 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.06 or 1 percent to settle at $107.33 a barrel on London's Intercontinental Exchange.