Oil up on weak dollar but tariff concerns cap gains

Written by Gysellin Lear

SENSAVER (Reuters) – Oil prices rose on Wednesday, supported by weaker dollars, but are increasingly US economic slowdown and the impact of definitions on global economic growth gains.

Brent futures increased 13 cents, or 0.2 %, to $ 69.69 a barrel at 0730 GMT, while the crude materials in West Texas West Media gained 13 cents, or 0.2 %, to $ 66.38 a barrel.

Daniel Heinz, the chief strategy of commodity in Anz, said, despite the weak economic expectations, the oil is fixed in a positive situation. “This is a sign that the demand for the near -raw term is still strong,” he said.

The dollar index, which decreased by 0.5 % to 2025 low levels on Tuesday, reinforced oil prices by making crude less expensive for buyers who hold other currencies. [USD/]

“Reducing the dollar opposes the declining bias of global economic slowdown, although this seems short -term,” said Priyanka Sashdiva, a chief market analyst in Philip Nova.

American stock prices, which also affect the oil market, decreased again on Tuesday, adding to the largest sales in months, as investors rocked the increased customs tariffs on imports and consumer morale tension.

“The total feelings are still fragile despite the slight bounce in today’s session,” said the market strategy in IG.

“At the present time, the feelings of the oil market are likely to remain possible, with the developments of the customs tariff that still lacks the constant clarity and concerns about the risks of growth in the United States,” added.

The policies of US President Donald Trump have shook global markets. He was then imposed, then the customs tariff were delayed on the main suppliers of oil in Canada and Mexico, while lifting duties in China, prompting retaliatory measures.

During the weekend, Trump said the “transition period” is possible and refused to exclude the American recession.

In supply, US crude oil production is preparing to achieve a larger record of this year of previous estimates, at a rate of 13.61 million barrels per day, according to the US Energy Information Administration on Tuesday.

Investors are waiting for inflation data on Wednesday to obtain evidence of the interest rate path. It is also closely monitoring OPEC+plans. The producers group announced plans to increase production in April.

In the United States, crude oil stocks increased by 4.2 million barrels per week ending March 7.

Markets are now waiting for government data on US stocks due on Wednesday for more commercial signals.

(I participated in the reports of Nicole Gao in New York and Weslin Lear in Singapore; edited by Himani Sarkar, Jimmy Farid and Michael Perry)