A strong dollar weighed on oil prices
Rebound record oil prices from four-month lows as markets remained buoyant on slowing global crude demand, especially after weak signals from several major economies.
Brent futures were up 0.5% at $80.11 a barrel, while U.S. crude futures were up 0.8% at $75.90 a barrel.
Crude oil prices have fallen significantly this week, with Brent briefly trading below key levels of $80 a barrel.
Data from the American Petroleum Institute (API) showed that US crude inventories posted their biggest weekly increase since February – more than 11 million barrels in the week to November 3.
The strong dollar, which recovered after a series of hawkish messages from its members Federal Reserve – weighed on oil prices.
The waning concerns about supply disruptions from the Israel-Hamas war they also led traders to no longer charge a collision risk premium.