Oil prices rebound after hitting nine-month low as dollar rally eases – The National

Oil prices rebound after hitting nine-month low as dollar rally eases – The National

Oil prices rebounded on Tuesday after hitting a nine-month low, while the US dollar rally took a breather even as demand concerns persist on a potential global recession and a tighter monetary policy outlook.

Prices touched their lowest level since January on Monday due to global slowdown fears and the strengthening dollar.

Brent, the benchmark for two thirds of the world's oil, was trading 1.53 per cent up at $85.35 a barrel at 11.55am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.59 per cent at $77.93 a barrel.