ANKARA, Mar 6 Oil prices increased on Wednesday supported by a weak dollar and expectations of tighter supply in the world amid ongoing tension in the Middle East.
International benchmark Brent crude traded at $82.31 per barrel at 10.26 a.m. local time (0726 GMT), with an 0.33% increase from the closing price of $82.04 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at $78.46 per barrel at the same time, a 0.40% rise from the previous session which closed at $78.15 per barrel.
The weakening of the US dollar against other currencies aided the rise in oil prices. The US dollar index, which measures the US dollar’s value against other currencies, fell 0.12% to $103.67. The weak dollar is expected to enhance demand by making oil cheaper for those who use foreign currencies.
Global supply concerns heightened by ongoing tension in the Middle East continue to push oil prices higher.
