- October 25, 2022
- Posted by: Stratford Team
- Category: Economy
LONDON, Oct 25 (Reuters) – Oil prices rose on Tuesday after falling by more than $1 a barrel earlier in the session, bouyed by a weaker dollar and supply concerns highlighted by Saudi Arabia’s energy minister.
Benchmark Brent crude futures rose by 40 cents to $93.66 a barrel by 1348 GMT while U.S. West Texas Intermediate crude futures for December delivery rose by 70 cents to $85.28.
The U.S. dollar index fell during afternoon trade, making dollar-denominated oil less expensive for other currency holders and helping to push prices higher.
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Further support came from comments by Saudi energy minister Prince Abdulaziz bin Salman that energy stocks were being used as a mechanism to manipulate markets.
“It is my duty to make clear that losing emergency stocks may be painful in the months to come,” he told the Future Initiative Investment (FII) conference in Riyadh.
Running out of production capacity…
