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Singapore (dpa) - On Monday, oil prices continued their highs from last Friday and reached their highest levels in over a year.
In the morning a barrel (159 liters) of North Sea Brent cost 63.59 US dollars.
That was $ 1.16 more than Friday.
The price of a barrel of the US West Texas Intermediate (WTI) rose by $ 1.35 to $ 60.82.
In early Asian trading, the US oil price at $ 60.95 and the Brent price at $ 63.76 each reached their highest level since January 2020. There was already a sharp rise in prices last Friday, which market observers saw, among other things, with price losses in the US Dollars declared.
A weaker dollar makes crude oil cheaper for investors from other currency areas because it is traded in dollars.
This boosts demand and supports oil prices.
Since Friday noon, oil prices have now risen by around five percent.
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The market also referred to the cold weather in important industrialized countries.
For example, an extreme cold snap in the USA hindered the extraction, transport and processing of crude oil into fuels and supported prices.
© dpa-infocom, dpa: 210215-99-445148 / 2