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Oil prices tick up on China demand and weaker dollar

13 March 2023 09:03 (UTC +04:00)

Oil prices ticked up in Monday Asian late morning trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases, APA reports citing Reuters.

After initially slipping, Brent crude futures were up 19 cents, or 0.23%, to $82.97 per barrel by 0410 GMT. West Texas Intermediate crude futures (WTI) ticked up by 20 cents, or 0.26%, to $76.88 a barrel.

Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S., analysts from ANZ Bank observed in a note on Monday morning.