The price of oil is climbing higher as the U.S. dollar weakens against other currencies.
Brent crude oil, the international benchmark, is up and trading at $94 U.S. a barrel. The
increase comes as stock markets in Europe rise with professional traders betting that inflation is
at or near its peak.
However, there are still worries that consumer spending is declining as global economic growth
slows and as China maintains its “zero COVID” policy.
Crude oil prices have declined by almost a third since June, erasing all the gains since Russia
invaded Ukraine this past February.
The latest reversal in prices comes as central banks around the world tighten monetary policy to
cool inflation that is running at a 40-year high in most jurisdictions.
But now, a falling U.S. dollar is helping oil prices to recover from their lows in recent weeks.
West Texas Intermediate (WTI) crude oil, the U.S. standard, rose 1% to $87.62 U.S. per barrel.
A proposed price cap on Russian oil and ongoing Iranian nuclear talks have also influenced the
price of oil in recent days.
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