Oil prices rose slightly, today, Tuesday, to compensate for some of their losses earlier in the session, and after rising more than $ 5 a barrel in the previous session, amid fears of a lack of supplies.
Oil prices were turbulent due to supply concerns after Western sanctions on Russian crude and fuel supplies disrupted commercial shipments to refineries and then to consumers, as well as heightened fears that The US Federal Reserve's attempts to control inflation lead to a recession that reduces future demand for fuel.
Oil prices received support from the dollar's decline today. The US currency hovered at its lowest level in a week, which makes dollar-denominated oil less expensive for holders of other currencies.
In today's trading, Brent crude futures for September settlement rose by 17 cents to reach $106.51 a barrel.
Today, West Texas Intermediate crude futures for August delivery increased by 36 cents at $102.96 a barrel, noting that the August contract for crude expires on Wednesday.
