Oil prices edged up on Monday on a softer dollar and supply cuts from Canada and OPEC+ producers, while investors waited to see if a pledge by the Group of Seven (G7) nations to strictly enforce price caps on Russian energy would impact exports. Brent crude futures climbed 14 cents, or 0.2%, to $75.72 a barrel by 0018 GMT while U.S. West Texas Intermediate crude for July delivery, the more actively traded contract, was at $71.84 a barrel, up 15 cents, or 0.2%.
The June WTI contract, which expires later on Monday, rose 5 cents to $71.60 a barrel. The dollar came off a two-month top against a basket of major peers as investors expect the Federal Reserve to keep rates unchanged at its June meeting. A softer greenback makes dollar-denominated commodities more attractive to investors.
