11.03.202509:21:00UTC+00Oil Prices Inch Higher As Dollar Remains In Downtrend

Oil prices inched higher on Tuesday after falling to six-month lows on Monday on trade war worries and the prospects of more oil coming into the market.

Benchmark Brent crude futures jumped 0.6 percent to $69.71 in European trade after sliding 1.5 percent in the previous session on demand concerns and uncertainty over OPEC+ supply changes. WTI crude futures were up 0.6 percent at $66.40.

A weaker dollar lent some support as demand for recession havens boosted gold, yen, the Swiss franc and sovereign bonds.

Investors remain concerned about a global trade war impacting economic growth and the prospects for oil demand.

On the geopolitical front, the U.S. has not discussed easing sanctions against Russia with the European Union, U.S. Secretary of State Marco Rubio told reporters on Monday, ahead of a meeting with Ukrainian officials in Saudi Arabia.

According to media reports, a Ukrainian delegation set to meet with America's top diplomat in Saudi Arabia about ending the 3-year war with Russia will propose a ceasefire covering the Black Sea and long-range missile strikes, as well as the release of prisoners.