Oil edges up on supply worries, G7 pledge to enforce Russian price caps
Oil prices increased slightly on Monday due to a weaker dollar and supply cuts made by Canada and OPEC+ producers. Brent crude futures rose by 0.2% to $75.72 per barrel, and U.S. West Texas Intermediate crude rose 0.2% to $71.84 per barrel. Last week saw gains of around 2% for both oil benchmarks, following Alberta fires, which cut off a significant amount of crude supply in Canada, and voluntary OPEC+ production cuts. A lack of crude supply may threaten the success of a new Nigerian facility, the Dangote Petroleum Refinery, where oil rig counts have reduced in the U.S.