West Texas crude oil rose $2.38, market eyes Biden’s visit to Saudi Arabia

West Texas Crude Oil Contract Delivered in May It traded on the NYMEX plus $2.38, or 2.5 percent, to $98.16 a barrel. Brent crude futures were up $2.50, or 2.5 percent, at $101.60 a barrel.

In addition, oil prices were also supported by the dollar’s depreciation today. This will increase the attractiveness of the oil contract. by making contracts cheaper for holders of other currencies

Meanwhile, investors are keeping an eye on US President Joe Biden’s visit to Saudi Arabia today.

Biden is scheduled to meet with Saudi Arabia’s King Salman bin Abdulaziz. and Crown Prince Mohammed bin Salman will also attend the Gulf Cooperation Council summit.

It is expected that there will be discussions on increasing oil production to depress global prices.

However, it is unclear whether the country’s response tendency is unclear. As the excess oil production of Saudi Arabia and the United Arab Emirates is dwindling. As both countries produce oil near their full potential.

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