Oil rises after sinking on China demand concerns and strong dollar – The National

Oil rises after sinking on China demand concerns and strong dollar – The National

Oil prices edged up slightly early on Thursday due to supply constraints after hitting their lowest point since January a day earlier on growing fears of a slump in crude demand, triggered by wide lockdowns in China to contain rising Covid-19 infections, amid rising interest rates and a strong dollar.

Brent, the benchmark for two thirds of the world's oil, which fell more than 5 per cent on Wednesday, was trading 1.06 per cent higher at $88.93 a barrel at 7.45am UAE time.

West Texas Intermediate, the gauge that tracks US crude, which slid about 6 per cent yesterday, was up 1.16 per cent, at $82.89 a barrel.