Oil closes higher on weak dollar

Oil drilling rigs

Oil prices rose today, March 11, supported by a weaker dollar. The session's gains were limited by growing concerns about a slowing US economy and the impact of tariffs on global economic growth.

Brent crude futures for May delivery rose 0.4%, or 28 cents, to close at $69.56 a barrel, after touching $70.44.

WTI crude futures for April delivery climbed 0.35%, or 22 cents, to $66.25 a barrel, after touching $67.17.

US President Donald Trump said he had instructed his Commerce Secretary to add an additional 25% tariff on all steel and aluminum imports from Canada, bringing the total tariff on those products to 50%.

Meanwhile, the US Energy Information Administration said in its monthly report that it expects average Brent crude prices to rise 1.4% from previous estimates to $75 per barrel during the third quarter, and it expects US crude to average $71.50 (+2.1%) during the period.