Oil prices rise amid dollar weakness and supply concerns

Los crude oil prices They rose on Tuesday, recovering from an initial drop of more than $1 a barrel, thanks to dollar weakness and supply concerns signaled by Saudi Arabia’s energy minister.

crude oil futures Brent they gained 26 cents at $93.52 a barrel. The futures of West Texas Intermediate in United States (WTI) rose 74 cents to $85.32.

The dollar index fell during afternoon trading in New York, causing the Petroleum denominated in the greenback was less expensive for holders of other currencies and helped boost prices.

Additional support came from comments by Prince Abdulaziz bin Salman, the energy minister of Saudi Arabiathat energy reserves were being used as a mechanism to manipulate markets.

“It is my duty to make it clear that emergency stock loss can be painful in the coming months,” he told the conference. Future Initiative Investment (FII) in Riyadh.

Signs of uncertainty in economic activity in the United States and China, the world’s two largest oil consumers, weighed on prices.

Government data released on Monday showed that Chinese crude oil imports in September they were 2% lower than the previous year, continuing a downward trend, at the same time that slower retail sales were reported.

US business activity contracted for the fourth consecutive month in October, with manufacturers and service companies saying in the monthly survey of purchasing managers S&P Global published on Monday that customer demand is falling.

Business activity also contracted in the UK and euro zone manufacturing sectors.

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