Oil prices received support from a weaker US dollar.
The US dollar index inched down on Tuesday after US job openings, an indicator of labour demand fell in July, which sparked speculations that the FED might step back on interest rate lifts.
International benchmarks for crude oil gained more than a dollar on Tuesday, 29 August 2023 incited primarily by the weaker US dollar while investors weighed the potential impact of Hurricane Idalia on energy supply and demand.
The US dollar index inched down on Tuesday after US job openings, an indicator of labour demand fell in July, which sparked speculations that the FED might step back on interest rate lifts.
Meanwhile, Hurricane Idalia was forecasted to make landfall this week, and most probably impact fuel distribution systems and affect fuel consumption just ahead of the Labor Day holiday on 4 September in the US. However, the hurricane is not expected to hit major oil-producing platforms in the US Gulf of Mexico.
Brent crude went up by $1.07 or 1.3% to $85.49/barrel.
US West Texas Intermediate climbed up by $1.06 or 1.3% to $81.86/barrel.