Oil Rises on Weaker Dollar But Tariff Fears Batter Sentiment

Oil Rises on Weaker Dollar But Tariff Fears Batter Sentiment

Oil prices were edging higher in early trade on a weaker U.S. dollar, but gains remain capped by growing concerns over global trade.

Brent crude was up 0.5% at $69.93 a barrel, while WTI rose 0.6% to $66.66 a barrel.

Futures found some support on the greenback's recent weakness and the EIA saying it expects U.S. sanctions on Iran and the revocation of licences for Venezuelan oil to tighten near-term market balances significantly compared with previous expectations.