OIL PRICE: Oil Prices Up 3% to One-Week High on Hopes of Higher Summer Fuel Demand

OIL PRICES - NEW YORK, June 10 (Reuters) - Oil prices climbed about 3% to a one-week high on Monday, buoyed by hopes of rising fuel demand this summer despite a stronger U.S. dollar and expectations the U.S. Federal Reserve will leave interest rates higher for longer.

The Fed hiked interest rates aggressively in 2022 and 2023 to tame a surge in inflation. Those higher rates have boosted borrowing costs for consumers and businesses, which can slow economic growth and reduce demand for oil.