Oil edges up from eight-month lows as dollar hits new high

Melbourne — Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging US dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.Brent crude futures were up 17c, or 0.2%, at $86.32 a barrel at 3.16am, while US West Texas Intermediate crude futures were up 21c, or 0.3%, at $78.95 a barrel. Both contracts slumped about 5% on Friday.

“This is really the big question mark for oil in forecasting the next few quarters — how do weaker demand projections weigh up against EU sanctions,” said Commonwealth Bank analyst Vivek Dhar who had expected Brent to head back toward $100 a barrel in the fourth quarter. With prices plunging, attention will turn to what Opec and allies led by Russia, together called Opec+, may do when they meet on October 5, after agreeing to cut output modestly at their last meeting.

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