Baghdad: Oil prices rose slightly during trading on Tuesday, after reducing their previous losses, supported by the weakness of the US dollar, but gains remained limited amid continued fears of a possible economic recession in the United States, and the repercussions of customs duties on the pace of global growth. Brent crude futures rose by 47 cents, or 0.68 percent, to record $69.75 a barrel, after witnessing a decline in early trading.
According to National Iraqi News Agency, West Texas Intermediate crude futures rose by 42 cents, or 0.64 percent, to reach $66.45 a barrel, after declines recorded earlier in the session. This slight rise came in conjunction with the dollar index falling to its lowest levels in four months, which contributed to supporting oil prices and making them less expensive for buyers holding other currencies.
The two benchmark crudes recorded a decline yesterday at the settlement by 1.5 percent, affected by market fears of a global economic slowdown.