"Crude oil hit $111 a barrel amid weak dollar and OPEC\u2019s stance to support Russia"

" \n Crude oil hit $111 a barrel amid weak dollar and OPEC\u2019s stance to support Russia \n \n\n \n During the week\u2019s opening, oil prices rose as investors weighed tight as concerns about global growth were exacerbated by-product markets and a weaker dollar. \n \n\n \n It has gained for four consecutive weeks, the longest run since February, as West Texas Intermediate climbed toward $111 a barrel. \n \n\n \n The price of gasoline and diesel has risen to records ahead of the start of the US driving season, which begins in about a week. Money managers have also increased their bullish crude bets. \n \n\n \n Saudi Arabia signaled at the weekend that it will continue to support Russia\u2019s role in the OPEC+ group of producers, undermining US efforts to isolate Russia for its invasion of Ukraine. Prince Abdulaziz bin Salman said the kingdom was hoping to reach an agreement with OPEC+, which includes Russia. \n \n\n \n Read: Gainers and losers on the Accra bourse for last week\u00a0 \n \n\n \n As a result of rising demand and the global fallout from Russia\u2019s invasion, oil prices have surged this year. \n \n\n \n Energy costs have increased, causing central banks to raise interest rates and stoking investor concerns about slowing growth. \n \n\n \n Likewise, China has imposed a series of stringent lockdowns to tame Covid-19 outbreaks, hurting Asia\u2019s largest economy. \n \n\n \n China remains a mixed bag. Shanghai officials have established criteria to classify parts of the commercial hub as low-risk for Covid-19 as they seek to end the deadly pandemic at Beijing, however, the number of cases reported was at an all-time high, raising concerns about a lockdown in the capital. \n \n\n \n Crude\u2019s price may have been boosted by a weaker dollar, which makes the commodity cheaper for holders of other currencies. \n \n\n \n The Greenback fell on Monday after a 1.4% drop last week, the most since November 2020 \n "

"Crude oil hit $111 a barrel amid weak dollar and OPEC\u2019s stance to support Russia"

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