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Oil Rises on Weaker Dollar But Tariff Fears Batter Sentiment

Oil Rises on Weaker Dollar But Tariff Fears Batter Sentiment

By

Giulia Petroni, Dow Jones Newswires

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.

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