Oil prices rose more than 1% yesterday, to consolidate the gains made in the previous session, after producers of the Organization of Petroleum Exporting Countries (OPEC) and its allies pledged to fulfill pledges to reduce supplies, at a time when the dollar is moving towards achieving the best weekly gain in a month.
Brent futures rose 61 cents, or 1.5% to $ 42.12 a barrel, the highest level in more than a week, while West Texas Intermediate crude futures rose 60 cents, or 1.5%, to $ 39.44 a barrel .
And the benchmarks rose about 2%, the day before yesterday, Thursday, and are heading towards a weekly gain of about 9%.
The market received support from plans for Iraq and Kazakhstan to offset excess production last May for their pledges to cut supplies.
The promises came during a meeting of a committee that monitors compliance, and includes members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, in what is known as the "OPEC Plus" group.
The bank, "ANZ" said that the comments issued by the international oil trading companies "Vitol" and "Trafigura" regarding the recovery of oil demand, in June, reported by "Bloomberg" agency, also providing support to the market.
To that, the dollar is heading towards achieving the best weekly gain in a month yesterday, as it receives support from the escalation of geopolitical tension and fears that a second wave of Covid-19 injuries may hinder a rapid economic recovery.
And the global reserve currency, which settled in the morning transactions in Europe, gained about 0.3% since the beginning of this week against a basket of currencies, which is the best performance since mid-May 2020.
The Australian dollar, which rose about 25% from the low levels recorded last March, rose 0.3% to $ 0.6875, while the euro stabilized at $ 1.1207, after losing about 1% against the dollar.
Sterling settled at $ 1.2433, after data showed that British retail sales rebounded more strongly than expected, last month, and that government borrowing reached a record high as debt exceeded economic output.