Oil prices rise on weaker dollar as China demand concerns persist – The National

Oil prices rise on weaker dollar as China demand concerns persist – The National

Oil prices climbed in morning trading on Tuesday on the back of a weaker dollar and despite China pushing ahead with its zero-Covid policy, which raises concerns about lower fuel demand from the world's second largest economy.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.77 per cent higher at $92.33 a barrel at 10.29am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.85 per cent at $86.19 a barrel.

The US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was at a near one and half week low on the UK’s reversal of its tax cuts, which resulted in the British pound rising by as much as 1.4 per cent against the dollar on Monday.