Oil prices tick up on China demand and weaker dollar – Reuters
- Date: 13-Mar-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil prices tick up on China demand and weaker dollar – Reuters
BEIJING, March 13 (Reuters) - Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support.
Brent crude futures fell 15 cents, or -0.18%, to $82.63 per barrel by 0132 GMT. West Texas Intermediate crude futures (WTI) dipped by 9 cents, or -0.12%, to $76.59 a barrel.
Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S., analysts from ANZ Bank observed in a note on Monday morning.