Oil prices edge higher amid tight market and weaker dollar – The National

Oil prices edge higher amid tight market and weaker dollar – The National

Oil prices edged higher on Monday after losing steam last week due to tight market conditions and material takeaways for the energy industry from US President Joe Biden’s visit to the Middle East.

Both Brent, the benchmark for two thirds of the world's oil, and West Texas Intermediate, the gauge that tracks US crude, recovered from steep declines Tuesday last week when Brent plunged nearly 7 per cent and WTI plummeted 8 per cent.

Brent was up 2.78 per cent at $104 at 12.11pm UAE time on Tuesday. WTI, the gauge that tracks US crude, gained 2.57 per cent to $100.1 a barrel.