International oil prices rose on Tuesday (25th).
(Reuters file photo)
[Financial Channel/Comprehensive Report] International oil prices edged higher on Tuesday (25th), boosted by a weak dollar and supply concerns highlighted by the Saudi energy minister.
New York West Texas Intermediate crude for December delivery gained 74 cents, or 0.9 percent, to settle at $85.32 a barrel, while Brent crude for December delivery gained 26 cents, or 0.3 percent, to settle at $93.52 a barrel, Reuters reported.
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The U.S. dollar index fell in afternoon trade on Tuesday, making U.S. dollar-denominated oil cheaper for holders of other currencies, helping to push prices higher.
Meanwhile, uncertainty over economic activity in the U.S. and China, the world's two largest oil consumers, capped oil's gains.
Saudi Energy Minister Prince Abdulaziz bin Salman told the Future Initiative Investment conference in Riyadh that it was his responsibility to show that there is no need to lose urgently in the coming months. Inventories can be painful, and the remarks further support the idea that energy reserves are used as a manipulation mechanism.
Fatih Birol, executive director of the International Energy Agency (IEA), said the tightening of the global liquefied natural gas (LNG) market and supply cuts by major oil producers have plunged the world into "the first true global energy crisis". .
Phil Flynn, an analyst at Price Futures Group, pointed out that the Riyadh and IEA speeches are a reminder that "the energy crisis is far from over" and the market still has concerns about supply shortages.
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