Oil prices rose on Tuesday as the U.S. dollar eased against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from key oil importing economies such as China.
International benchmark Brent crude futures gained 3 cents to $93.29 per barrel by 0652 GMT, after falling 0.3% in the previous session. U.S. West Texas Intermediate crude futures for December delivery rose 11 cents to $84.69 per barrel, after a previous decline of 0.6%.
The greenback eased on Tuesday amid signs U.S. Federal Reserve rate hikes are putting the brakes on the world’s biggest economy, while risk sentiment improved as Rishi Sunak prepared to become Britain’s prime minister.