Oil prices rose slightly in early trading today, following falling to their lowest levels in eight months last week, affected by the strong dollar and fears that sharp increases in interest rates worldwide will lead to a recession and damage the demand for fuel. The dollar index rose to its highest level in 20 years today to limit the rise in oil prices.
Brent crude futures rose 17 cents, or 0.2 percent, to $ 86.32 a barrel at 01:16 GMT, while US West Texas Intermediate crude futures rose 21 cents, or 0.3 percent, to $ 78.95 a barrel. The contracts for the two contracts fell regarding five percent on Friday.
Analysts said that crude oil is expected to find some support following Russia beefs up its forces for the war on Ukraine, and European Union sanctions on Russian oil are due to enter into force in December, according to analysts. Archyde.com.
