By Tom Ozimerk of The Epoch Times

Oil prices jumped on July 18 as the U.S. dollar softened and after President Joe Biden wrapped up his trip to Saudi Arabia, failing to secure a pledge from the Middle Eastern country to boost crude output.

Brent crude futures for September settlement rose $2.42, or 2.4 percent, to $103.58 a barrel by 5:30 a.m. New York time on July 18, after a 2.1 percent gain on Friday. U.S. West Texas Intermediate (WTI) crude futures for August delivery gained $2.04, or 2.09 percent, to $99.64 a barrel, after climbing 1.9 percent in the previous session.

Last week, both Brent and WTI posted their biggest weekly drops in about a month as recession fears dented market sentiment. Yet oil supplies remained tight and the U.S. dollar has eased off recent highs, with both factors offering support to crude prices. At this rate, oil will be back to all time highs in no time at all.