Oil production. File photoMOSCOW, June 6World oil prices rise on Monday morning, supported by the weakening dollar and rising Saudi Aramco prices, according to trading data. As of 7.53 Moscow time, the price of August futures for Brent crude grew by 0.6%, to $120.44 per barrel, July futures for WTI — by 0.63%, to $119.62. The dollar against the yen shows a decrease of 0.17%, against the euro — by 0.1 %. The weakening dollar supports demand for commodities, including oil, which in this case becomes more accessible to investors holding other currencies. Markets also appreciate the news that Saudi Aramco, the oil and gas state company of Saudi Arabia, has increased the July selling prices for oil for Asia . The increase in the price of Arab Light for Asian buyers by $2.1 turned out to be stronger than the expected $1-1.5, media reported. The arrival of the summer season supports expectations around oil demand. «Peak season has arrived,» an analyst at Cinda Securities Co. told Bloomberg. in Shanghai, Chen Shuxian. Summer driving season in the U.S. and Europe will keep consumption high, with demand from China rebounding as virus restrictions ease, the expert said. The State Department allowed Eni and Repsol to supply oil from Venezuela to Europe
