Oil Prices Close Higher by over 1 Percent

New York: Oil prices on Monday closed high by more than one percent at settlement amid weak trading due to two holidays in the United States and Britain, after a week clouded by the assessment of expectations for reducing US interest rates in the face of persistent inflation. Brent crude futures for next July delivery rose by about a dollar to $83.12 per barrel, while next August's most traded contracts rose $1.04 to $82.88 per barrel. West Texas Intermediate crude futures increased 93 cents to $78.65 a barrel. Policymakers at the European Central Bank (ECB) said that the bank has room to cut interest rates as inflation slows, but it must be patient in the monetary easing process. Inflation data in the eurozone will be released on Friday, and markets are awaiting the personal consumption expenditures index in the United States this week in pursuit of more indicators regarding monetary policy, and also the meeting of the OPEC Plus alliance of oil producers, which will be held on June 2, in which the allian ce will issue a decision on production policy. Source: Qatar News Agency