Oil prices rise as US recession fears over rate hikes ease, dollar weakens
Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world’s largest oil user may face a recession because of further interest rate hikes.
Brent crude futures gained 20 cents, or 0.2%, to $85.66 a barrel at 0128 GMT, while U. S.
West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.4%, to $79.21 a barrel, extending gains of about 1% in the previous session.
“Sentiment shifted amid a positive company reporting season. Signs of cooling inflation also raised expectations that the Fed will be able to pause rate hikes,” ANZ commodities analyst said in a note.
