Oil futures gave up early losses to finish higher on Monday, with prices propped up by a drop in the U.S. dollar, which saw its benchmark ICE U.S. Dollar Index DXY, 0.11% fall to 93.62, down 0.9%.
“Recent weakness in the dollar has been “beneficial to dollar-denominated commodities in general and to oil in particular,” said Marshall Steeves, energy markets analyst at IHS Markit.
Still, gains for oil were modest against a backdrop of ongoing demand worries tied to the pandemic and U.S.-China tensions. September West Texas Intermediate oil CLU20, -0.67% rose 31 cents, or nearly 0.8%, to settle at $41.60 a barrel on the New York Mercantile Exchange.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.