Oil prices rise while staying near the January 2022 low

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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.

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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.

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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.