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Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains.
Brent crude futures rose 9 cents or 0.1% to $91.71 per barrel by 1:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents or 0.1% to $85.52 per barrel.
The dollar fell against a basket of major currencies after Britain’s new finance minister Jeremy Hunt axed much of the government’s so-called «mini-budget», lifting risk appetite.
