Oil Gains on Tight Supply, but Dollar Weighs

Oil Gains on Tight Supply, but Dollar Weighs
A general view shows the oil refinery of the Lukoil company in Volgograd, Russia, on April 22, 2022. Reuters Photographer/Reuters
Reuters
Updated:

Oil futures recouped some losses on Wednesday, recovering from a 2 percent slide in the previous session, supported by supply concerns stemming from last week’s OPEC+ cut to its production target, though a stronger dollar weighed on sentiment.

Brent crude futures were up 62 cents, or 0.7 percent, at $94.91 a barrel by 1120 GMT after touching a session low of $93.33.