Oil prices rise supported by weak dollar

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Oil prices on Aug. 27 morning continue to rise supported by a weak dollar, according to trading data, Report informs referring to Prime agency.

During this trading week, oil prices showed a record growth since October by 9-9.5 percent.

As of 9:41 (GMT+4), the price of November futures for Brent crude oil increased by 1.28 percent, to $71.08 per barrel, October futures – by 1.41 percent, to $72.07. October futures for WTI oil rose 1.39 percent to $68.36 a barrel.

This week, the strongest growth in oil prices since October last year was recorded: Brent crude rose in price by 8.9 percent, and WTI oil – by 9.55 percent.

Oil is also supported by a weak dollar, the index of which (the US dollar rate against a basket of currencies of six countries – the main trading partners of the US) decreased by 0.07 percent, to 93 points.

In addition, investors are waiting for the release of data from oilfield services company Baker Hughes on the number of operating oil rigs in the US for the week ended Aug. 27. Over the previous week, the figure increased by eight units to 405 rigs.