Brent crude futures rose 29 cents, or 0.3%, to $94.86 per barrel by 0242 GMT, while U.S. West Texas Intermediate crude futures were up 31 cents, or 0.35%, at $89.42 per barrel.
Both contracts however were down for the week by about 3% after two prior weeks of gains amid recession concerns."The softened U.S. dollar and the strong rebound in risk assets lifted oil prices, the rebounding momentum may continue into today's Asian session," said Tina Teng, an analyst at CMC Markets, as a weaker dollar usually makes dollar-denominated commodities like oil cheaper for holders of other currencies.
"OPEC+'s output cut will keep supporting crude prices, along with a possible recovery in China's demand in the fourth quarter if Beijing loosens up COVID curbs," Teng added. China, the world's largest crude oil importer, has been fighting a COVID rebound after its week-long National Day holiday earlier this month and just ahead of a key Communist Party Congress where
You should store your cash in a dry place not around flammable materials
Open up OUR pipeline and start up ALL OUR oil drills again !!!
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »