Oil price up US$5 on weaker US$, tight supplies

Brent crude futures for September settlement gained $5.11, or 5.1%, to settle at $106.27 a barrel, after rising 2.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures for August delivery settled up $5.01, or 5.1%, at $102.60 after rising by 1.9% in the previous session.

NEW YORK: Oil prices rose more than US$5 on Monday, boosted by dollar weakness and expectations that the U.S. Federal Reserve won't raise interest rates by a full percentage point at its next meeting to combat inflation.

Brent crude futures for September settlement gained $5.11, or 5.1%, to settle at $106.27 a barrel, after rising 2.1% on Friday.