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Oil prices climb, but recession fears and tariffs limit gains

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Oil prices rose 1% on Tuesday, helped by weakness in the U.S. dollar, although gains were capped as concerns mounted over a U.S. slowdown and the impact of trade tariffs on global economic growth.
Oil prices experienced a slight increase on Monday due to a combination of factors including a weaker U.S. dollar and expectations of tighter supply from major oil producers like Saudi Arabia and Russia. However, gains were moderated by concerns over a potential global economic slowdown and the impact of new U.S. tariffs on Chinese goods, which could dampen demand. Specifically, Brent crude futures rose by 27 cents to $84.78 a barrel, and U.S. West Texas Intermediate crude increased by 31 cents to $81.02 a barrel. The market's cautious approach was also influenced by the anticipation of the Federal Reserve's next moves on interest rates, with investors looking for signs of economic health amidst these mixed signals.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/topstories/oil-prices-climb-but-recession-fears-and-tariffs-limit-gains/ar-AA1AGmAo ]