Oil steadies on strong US dollar, darkening global macroeconomic outlook

Oil prices stabilised on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, a darkening global macroeconomic outlook and mixed supply signals.

Brent futures crept up 2 cents to $90.73 a barrel by 1006 GMT, while U.S. West Texas Intermediate crude (WTI), edged 12 cents higher to $88.94 per barrel. Earlier in the session, prices fell by more than 1%.

“(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment,” ANZ analysts said in a client note.