Oil prices climbed about 3 per cent to a one-week high on Monday, buoyed by hopes of rising fuel demand this summer despite a stronger US dollar and expectations the US Federal Reserve will leave interest rates higher for longer. Brent futures rose $US2.01, or 2.5 per cent, to settle at $US81.63 a barrel, while US West Texas Intermediate crude rose $US2.21, or 2.9 per cent, to settle at $US77.74. That was the highest close for both crude benchmarks since May 30.
The US dollar, meanwhile, rose to a four-week high against a basket of other currencies as the euro fell sharply due to political uncertainty in Europe after gains by far-right parties in voting for the European Parliament prompted a bruised French President Emmanuel Macron to call a snap national election.
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