Oil settles up on weaker dollar, US economic fears cap gains

Quick Summary:

Oil prices settled slightly higher on Tuesday, helped by weakness in the dollar, but gains were capped by mounting fears of a US economic slowdown and the impact of tariffs on global economic growth.

Both crude benchmarks fell 1.5% on Monday, when the S&P 500 posted its biggest daily drop since December 18 and the Nasdaq slid 4.0%, its biggest single-day percentage drop since September 2022.

On Friday, Russia's Deputy Prime Minister Alexander Novak told reporters that Opec+ would go ahead with its April increase but may then consider other steps, including reducing production.

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Category: EconomyBusiness

Markets: MalaysiaCanadaChinaMexicoVenezuela

Topics: Commodities CrudePrices /Business/ OPECPlus TariffImpact EnergyTrade OilMarkets USRecession

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-12 @ 05:57:00 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 555 words

Reading Time: 4 minutes read

Sentences: 30 lines

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Copyright Owner: © The Star

News ID: 26905703

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