Oil prices rise on weaker dollar and rising cost of supplies for Asia

World oil prices rose early on Monday on weakening US dollar and increasing costs of Saudi Aramco products, Report informs.

The price of Brent crude August futures rose by 0.6% to $120.44 per barrel, and WTI July futures went up by 0.63% to $119.62.

The dollar against the yen shows a decrease of 0.17% and a 0.1% drop against the euro. The weakening dollar supports the demand for commodities, including oil, which in this case become more accessible to investors holding other currencies.

Markets are also weighing the news that Saudi Aramco, the state-owned oil and gas company of Saudi Arabia, has raised its July oil prices for Asia. The price increase of Arab Light for Asian buyers by $2.1 was more substantial than the expected $1-$1.5.