Oil prices rise as weaker dollar offsets growth concerns

Oil prices rose on Wednesday, supported by a weaker US dollar, though gains were limited by fears of a US economic slowdown and the impact of tariffs on global growth.

Brent crude futures gained 37 cents, or 0.53 per cent, to $69.93 a barrel at 0951 GMT, while US West Texas Intermediate crude rose by the same margin to $66.62. A declining dollar, which hit fresh 2025 lows on Tuesday, made oil cheaper for non-dollar buyers, providing some support.

Market sentiment remained fragile amid concerns that tariffs could weaken key economies such as China and hurt global oil demand. Investors are also watching US inflation data and OPEC+ output plans for further direction.

Meanwhile, US crude stockpiles rose by 4.2 million barrels last week, while gasoline inventories dropped by 4.6 million barrels, according to industry data.

Attribution: Reuters
Subediting: M. S. Salama