Oil rises on weak dollar, supply concerns

Oil prices rose on Tuesday, after falling more than $1 a barrel earlier in the session, supported by a weak dollar and supply concerns, reported by the Saudi Energy Minister.

According to “Reuters”, Brent crude futures rose 40 cents to $93.66 a barrel by 1348 GMT, while US West Texas Intermediate crude for December delivery rose 70 cents to $85.28.

The US dollar index fell in recent trading, which made dollar-denominated oil less expensive for other currency holders and helped push prices higher.

More support came from the statements of the Minister of Energy, Prince Abdulaziz bin Salman, that some countries use their strategic oil reserves as a card to manipulate the markets.

“It is my duty to make it clear that the loss of emergency stocks may be painful in the coming months,” the minister said in a speech at the Future Investment Initiative conference in Riyadh.

The minister added that running out of production capacity has a great cost

Oil fell by more than $1 a barrel earlier on Tuesday amid signs of uncertainty over economic activity in the United States and China, the world’s largest oil consumers.

US crude oil inventories are expected to rise this week, which could limit price gains. Analysts, polled by Reuters, estimated that crude stocks advanced an average of 200,000 barrels in the week ending October 21.