Oil prices stabilised on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, a darkening global macroeconomic outlook and mixed supply signals.
Brent futures crept up 2 cents to $90.73 a barrel by 1006 GMT, while U.S. West Texas Intermediate crude (WTI), edged 12 cents higher to $88.94 per barrel. Earlier in the session, prices fell by more than 1%.
The U.S. dollar on Monday rose to a 10-month high against a basket of major peers after the U.S. government avoided a partial shutdown and economic data fuelled expectations the Federal Reserve will keep rates higher for longer, which could slow economic growth.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.