Oil inched higher on weaker dollar, US planned to restock reserves

International benchmarks for crude oil settled higher on Tuesday, 20 December 2022 on the back of the weaker dollar while the US plans to restock its strategic petroleum reserves. The gains, however, were capped by the concerns that the looming winter storm in the US might discourage millions of Americans to travel this holiday season.

Brent added 19 cents to close at $79.99/barrel.

WTI gained 90 cents to close at $76.09/barrel.