empty
 
 

2023.07.1109:55:00UTC+00Oil Prices Edge Higher On A Weaker Dollar

Oil prices edged higher on Tuesday, with a weaker dollar and news of extended financial support to China's property sector offering some support.

Benchmark Brent crude futures were marginally higher at $77.75 a barrel, while WTI crude futures were up 0.2 percent at $73.14.

The dollar hit a two-month low after comments from several Fed officials suggested the U.S. central bank is nearing the end of its rate-hiking cycle.

Markets expect U.S. inflation data due on Wednesday to provide additional clues on the interest rate outlook.

Elsewhere, China said it would extend policies to support its ailing property market. Oil prices also remained supported by supply cuts announced by the world's biggest oil exporters Saudi Arabia and Russia.

Saudi Arabia and Russia announced fresh output cuts last week, bringing total reductions by the OPEC+ group to around 5 million barrels per day (bpd), or about 5 percent of global oil demand.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback