Oil extended gains on weaker dollar, stronger consumption forecast

International benchmarks for crude oil continued to settle higher on Tuesday, 10 January 2023 as the US dollar reached the lowest level in seven months. Investors speculated on less aggressive interest rate hikes from the FED as inflation has eased recently. Meanwhile, US Energy Information Administration foresees the demand for petroleum in 2023 to reach 102.2 million thanks to the recovering economic activities in India and China.

Brent added 45 cents to close at $80.10/barrel. 

WTI gained 49 cents to close at $75.12/barrel.