OPEC+ Production Cuts and Weaker Dollar Propel Oil Prices Upward

Oil prices rebound, recovering from previous losses

OPEC+ supply cuts and a weaker U.S. dollar contribute to the price increase

Brent crude futures rise 0.4% to $78 per barrel, while U.S. West Texas Intermediate crude increases by 0.5% to $73.34

Saudi Arabia and Russia's upcoming supply cuts in August support the upward movement

Weaker U.S. dollar makes crude more affordable for holders of other currencies and boosts oil demand

China's increased support for its real estate sector aids the surge in oil prices

– Market focus on upcoming data, including Chinese new yuan loans, trade balance, and U.S. inflation trends

Traders await U.S. crude inventory data from the American Petroleum Institute, expecting a build of 200,000 barrels