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Oil prices rise as Saudi attacks outweigh hopes for supply gains
The dollar gained on expectations that higher US interest rates will be needed to fight inflation, lifting currency rate differentials.
Oil prices climbed on Monday as attacks on Saudi Arabia outweighed hopes for supply improvements, on a day when global stocks were mixed, according to LiveMint Markets.
The dollar rose alongside oil, supported by expectations for higher US interest rates to help curb inflation, a view that has recently been driven by concerns that elevated energy and other goods prices could pressure the Federal Reserve.
Trading also reflected a cautious wait for upcoming market catalysts, with investors monitoring September inflation data and the start of the third quarter earnings season that begins Tuesday with major US bank results.
LiveMint Markets quoted Robert Pavlik, a senior portfolio manager at Dakota Wealth Management, saying investors had a lot to be wary of as they navigated uncertainty ahead of those data and earnings events.