Oil Rises as US Recession Fears Ease, Dollar Slips
Singapore, February 01 (QNA) – Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world’s largest oil user may face a recession because of further interest rate hikes.
Oil prices fell on Tuesday on US Fed interest rate hike worries and Russian export flows.
Brent crude futures gained 20 cents, or 0.2%, to $85.66 a barrel, while US West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.4%, to $79.21 a barrel, extending gains of about 1% in the previous session. (QNA)