Oil prices rise on Monday as worries about fuel consumption in the top two oil users in the world, China & US,

The United States dollar gained strength as a result of investors looking for safe havens, increasing the cost of commodity denominated in other currencies for investors of other currencies. [FRX/]

oil prices are still in threat from weak demand perspectives as the Chinese economic reopening growth seems bumpy

Stron Oil Demand

According to IG analyst Tony Sycamore, “market opinion regarding crude oil will continue tepid at best with the uneven re-opening in China

Nevertheless, as OPEC+, & its partners, including Russia, continue to cut production. Sour crude supply may become more scarce globally in the 2nd half.

Since the EU sanctions began in December, China and India, the world’s No. 3 & No. 1 crude oil importers, have been the main consumers of Russian crude.