Oil rises on OPEC+ cuts, weaker dollar – Reuters
- Date: 11-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil rises on OPEC+ cuts, weaker dollar – Reuters
July 11 (Reuters) - Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar.
Brent crude futures rose 23 cents, or 0.3%, to $77.92 a barrel by 0153 GMT, and U.S. West Texas Intermediate crude was up 32 cents, or 0.4%, at $73.31.
Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors booked profits after last week's 4.5% rise.
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