Oil prices recovered slightly on Tuesday after hitting their lowest levels in three weeks, coinciding with investors ‘ expectation of further appreciation of the US dollar, which led to the darkening of global economic indicators and the scarcity of supplies.
Brent crude futures hit 91.42 dollars per barrel by 7: 55 a.m. Egypt time, after falling to the lowest level during the session at 89.50 dollars, the lowest level since September 8, according to Reuters.
WTI crude rose to USD 89.90 per barrel, and earlier in the session prices fell to USD 87.76, the lowest since September 12.
Oil prices were affected by the rise in the US dollar index to a 10-month high against a basket of major currencies after the US government avoided a partial shutdown and economic data fueled expectations that the Federal Reserve will keep interest rates high for a longer period, or even raise them.
