Oil climbs from January lows with dollar's rally paused
BNN Bloomberg
Oil rebounded after hitting the lowest level since early January as a rally in the dollar paused, buoying crude even as concerns remain about tighter monetary policy and weakening demand.
West Texas Intermediate climbed back toward US$78 a barrel after sinking more than 8 per cent over the previous two sessions. A gauge of the US currency eased from a record, with crude gaining alongside other commodities as a global selloff halted.
The US oil benchmark remains on track for its first quarterly loss in more than two years on concern that energy consumption will fall, with Russia’s war in Ukraine dragging on. Some analysts have said the slump may spur the Organization of Petroleum Exporting Countries and allies to consider paring supply, while Goldman Sachs Group Inc. slashed its oil forecasts as markets price in a major hit to global growth.
