Oil inched slightly higher on weaker US dollar

International benchmarks for crude oil inched slightly higher on Tuesday, 31 January 2023 as the US dollar weakened after data showed labour costs increased at their slowest pace in a year while investors expect the FED to increase the key interest rate by just 25-basis point in the next meeting. The market also gained support from reports that demand for US crude rose 178,000 bpd in November.

Brent for the second-month contract increased 96 cents to close at $85.46/barrel.

The less active front-month Brent contract, however, fell 41 cents to close at $84.49/barrel.

WTI gained 97 cents to settle at $78.87/barrel.