Oil prices rise while staying near the January 2022 low


Crude oil prices rose in the morning trading on Tuesday, while remaining near their lowest levels since the beginning of 2022, amid fears of a global economic recession and the strength of the dollar.


The dollar index is stabilizing near its highest level in nearly 21 years, amid a strong rise against most currencies, which increases the cost of crude oil imports to economies.

By 09:00 GMT, the price of Brent crude futures for December delivery rose 1.62%, or $1.33, to $84.19 a barrel.

The prices of US West Texas Intermediate crude futures for November delivery also increased by 1.50%, or $1.15, to $77.92 a barrel.


The US Federal Reserve’s statement issued last Wednesday still casts a negative shadow on the markets, as it announced its intention to implement two additional interest rate increases in the remaining two meetings this year during November and December.