Oil wiped out an earlier decline as a slump in the dollar offset mounting concerns that global demand is weakening.
The global Brent benchmark rose to trade near US$94 a barrel, after earlier shedding as much as 1.8 per cent in London. Risk sentiment generally firmed across markets on Monday with equity markets climbing in Europe and the dollar weakenening sharply as traders bet inflation is near a peak.
Crude has sunk by almost a third since June, shedding all the gains since Russia’s invasion of Ukraine. The reversal has come as central banks including the Federal Reserve tighten policy to quell inflation. Still, back-to-back declines in the dollar have helped oil recover from its lows in recent days, while a spate of Chinese crude purchases has spurred some optimism that the real-world market for barrels may have bottomed.
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