New York oil prices rose for the first time in three trading days on the back of back-to-back plunges, driven by an influx of repulsive buying, but gains were limited by concerns of slowing demand.
On the New York Mercantile Exchange, West Texas Intermediate for December delivery, closed at $68.12 a barrel, up $0.08 and 0.12% from the previous session.
Brent crude oil for January delivery, which is subject to international market comparisons, closed at $71.89 a barrel, up 0.06 and 0.08% from the previous session, the first increase since the 7th.
West Texas Intermediate crude, which has lost nearly 6% in the past two consecutive trading days, extended its intraday gains to 1.6%, but failed to maintain its gains, reversing its downward trend in the wake of a strong U.S. dollar.
While demand in China remains sluggish, OPEC and the Organization of Petroleum Exporting Countries have also cut their global oil demand forecasts for the fourth consecutive month this year and next.
The dollar index, which reflects the dollar's value against the six major currencies, crossed the 106 mark for the first time in the day since early July amid the ongoing "Trump Trade," which refers to the strength of the so-called Trump beneficiary stocks.
Crude oil is denominated in dollars, so a rise in the value of the dollar could weaken demand for it among buyers using other currencies.
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