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Oil prices rose this Tuesday, despite having fallen more than $1 per barrel. This is because the U.S. dollar index fell during afternoon trade, making greenback-denominated oil less expensive for other currency holders and helping to push prices higher. The IEA executive officer and Saudi energy minister warned that while the energy crisis is currently manageable, countries must brace for a severe shortage of crude oil in 2023.

Oil prices rise on weaker dollar, supply worries

Oil prices rose this Tuesday, despite having fallen more than $1 per barrel. This is because the U.S. dollar index fell during afternoon trade, making greenback-denominated oil less expensive for other currency holders and helping to push prices higher. The IEA executive officer and Saudi energy minister warned that while the energy crisis is currently manageable, countries must brace for a severe shortage of crude oil in 2023.

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