Oil Prices Rise by More than Three Percent

Oil prices rose more than three percent at settlement today, extending their gains for the fifth consecutive session amid increasing risks of supply disruptions. Brent crude futures increased by USD 2.64, or 3.3 percent, to USD 82.30 per barrel at settlement. West Texas Intermediate (WTI) crude futures rose by USD 3.33, or 4.2 percent, to USD 80.06 per barrel. Brent crude had climbed 3.7 percent over the past week, while WTI rose 4.5 percent, supported by stronger-than-expected US economic data and increased hopes for a rate cut in the worlds largest oil consumer. Investors are awaiting the release of the US Producer Price Index (PPI) data on Tuesday, which is a key indicator for monitoring inflation levels, followed by the Consumer Price Index (CPI) data on Wednesday. The CPI will provide additional insights into changes in the cost of living and its impact on consumers. Source: Qatar News Agency