Oil rises as US recession fears ease

Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world’s largest oil user may face a recession because of further interest rate hikes.

Brent crude futures gained 20 cents, or 0.2%, to $85.66 a barrel at 0128 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.4%, to $79.21 a barrel, extending gains of about 1% in the previous session.

“Sentiment shifted amid a positive company reporting season. Signs of cooling inflation also raised expectations that the Fed will be able to pause rate hikes,” ANZ commodities analyst said in a note.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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