Oil prices climb on weaker dollar

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Oil prices edged higher on Tuesday in the United States, recovering from a more than $1 drop earlier in the day, boosted by a weaker dollar and supply concerns raised by Saudi Arabia's energy minister.

Brent crude futures rose 26 cents to $93.52 per barrel, while WTI crude futures in the US rose 74 cents to $85.32.

During the afternoon trade, the US dollar index fell, making greenback-denominated oil less expensive for other currency holders and helping to push prices higher.

Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, added to the support by saying that energy stockpiles were being used to manipulate markets.

On Monday, government data showed that China's crude oil imports in September were 2% lower than a year ago, while business activity in the eurozone, the United Kingdom, and the United States contracted in October.

Recession "most likely"

Goldman Sachs CEO David Solomon believes a recession in the United States is "most likely," while a recession in Europe is possible.

If there are no real changes in behavior, the Federal Reserve of the United States may raise its benchmark overnight interest rate above the 4.50%-4.75% range, he said at the FII conference.

According to market sources citing American Petroleum Institute figures on Tuesday, crude stocks in the United States increased by about 4.5 million barrels in the week ended Oct. 21. Gasoline inventories fell by approximately 2.3 million barrels, while distillate inventories increased by approximately 600,000 barrels.

On Wednesday, the US government will release data on crude stockpiles.

This is happening as a political crisis deepens between Washington and Riyadh, especially after Saudi Arabia led a decision in OPEC+ to cut oil production by 2 million barrels a day as of November after Biden did all in his lobbying power to halt the decision.