Oil prices edge up on Tuesday

Oil prices rose on Tuesday, supported by a weaker dollar and stronger demand signals from China, while markets remained cautious over President Donald Trump’s threats of higher US tariffs on European nations tied to his push to acquire Greenland.

Brent crude gained 0.2 per cent to $64.09 a barrel and the US West Texas Intermediate (WTI) February contract, which expires on Tuesday, rose 0.2 per cent to $59.58, with the more actively-traded March WTI up 0.1 per cent to $59.40.

A softer dollar made dollar-priced oil cheaper for holders of other currencies, while better-than-expected Chinese fourth-quarter economic growth bolstered demand sentiment. Traders also monitored potential impacts of renewed trade tensions with Europe and Venezuela’s oil sector developments

Attribution: Reuters