• Wednesday, November 29, 2023
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Oil rises as weak dollar, China inflation data support


 Crude oil futures rose on Tuesday in choppy trading, supported by a weak dollar and data showing slowed inflation in China, while concerns about faltering global economic growth and rising oil supply limited price gains.

Reuters report showed that Brent May crude rose 92 cents to $105.58 per barrel by 1:01 p.m. EDT (1701 GMT), after falling to $104.27 in the session, not far above Monday’s session low of $103.40, lowest price since July. U.S. May crude was up 95 cents at $94.31 a barrel, having recovered from a $92.86 session low.

The lack of progress in talks between Iran and western powers over Tehran’s nuclear program and the heightened tensions on the Korean peninsula also remained factors supportive to oil prices, traders and analysts said.