Oil prices climb on weak dollar, supply concerns
Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand, News.Az reports citing Reuters.
Brent crude futures rose 60 cents, or 0.7%, to $91.95 a barrel by 0330 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5%. The front-month contract expires on Tuesday.
Both contracts, which slid more than 1% last week on concerns that another interest rate hike by the Federal Reserves could slow global growth, were supported by a weaker dollar which came off multi-year highs. A weaker U.S. dollar makes dollar-denominated commodities less expensive for holders of other currencies.