Brent crude futures were up 26 cents, or 0.3%, at $84.32 a barrel at 00:33 GMT, while US West Texas Intermediate (WTI) crude futures were up 19 cents to $76.90 a barrel. Both benchmarks fell around $2 a barrel on Monday, mostly due to the strength of the US dollar.
Iraqi Oil Minister Ihsan Abdul Jabbar said on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, were monitoring the oil price situation, hoping maintain balance in the markets.
“We don’t want a sharp increase in oil prices or a collapse,” he said in an interview with Iraqi state television.
Abdul Jabbar’s comments helped support oil, which hit a nine-month low, largely on the strength of the rising US dollar.
OPEC+ has increased output this year after record cuts put in place in 2020 due to demand destruction caused by the COVID-19 pandemic. But in recent months, the organization has failed to meet its planned production increases.
An easing in the US dollar, which trades inversely to oil, helped support prices. But as the U.S. dollar weakened in post-settlement trading earlier on Monday, it hit its highest level since May 2002.
Uncertainty surrounding supply disruptions caused by the Russian-Ukrainian war, as well as tighter monetary policy around the world that threatens to slow the economy, have also kept prices from rising.
