Reuters reported that Brent-US crude oil rose to $112 a barrel on Monday, as a result of a stronger gasoline and diesel market, a weak U.S. dollar, as well as investors weighing in on a statement from Saudi Arabia, which disputed claims that the country has altered its output policy.
As quoted in the market news:
Brent February crude, which expires on Wednesday, rose $1.24 to settle at $111.88 a barrel, having seesawed either side of the 100-day moving average at $111.02. The Brent contract for March delivery rose $1.11 to $110.95 a barrel.
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