Oil prices up amid lower dollar and supply problems

Oil prices rose today, Tuesday, supported by the weakness of the dollar and supply problems, while the specter of lower demand for fuel from China overshadowed the gains as it continued its strict policy to eliminate a pandemic.

According to “Reuters”, Brent crude futures rose 82 cents, or 0.9%, to $ 92.44 a barrel by 0643 GMT, while US West Texas Intermediate crude futures rose 86 cents, or one percent, to $ 86.32 a barrel.

The dollar index – which measures the US currency against six major peers, including the pound sterling – fell to its lowest level since the sixth of October.

A weak dollar would make oil less expensive for buyers who hold other currencies, increasing the likelihood of their buying.

As for supply, a preliminary Reuters poll showed on Monday that US crude oil inventories are expected to rise for the second week in a row, and are estimated to have increased by 1.6 million barrels in the week ending October 14.