Oil prices rose by almost 1% after improved risk sentiment.

Additional support was provided by Genscape report which showed that stocks of oil terminal in Cushing fell by almost 1 million barrels.

The dollar index fell 0.25 percent, as the pound peaked in 2016, while the euro has risen in price considerably. A weaker dollar makes purchasing oil, denominated in dollars, more profitable for the owners of other currencies. However, as prices have reached a level where drilling activity is profitable for some companies, the number of rigs may begin to grow and the reduction of production volumes in the United States may slow down.

The price of August futures for Brent crude rose to 50.45 dollars a barrel on the London Stock Exchange ICE Futures Europe.