Oil rebounds, Brent above $83

Oil drilling rigs

Oil prices edged up today, Feb. 2, after the sharp decline in the previous session, as dollar retreated after the US Federal Reserve raised interest rates by 25 basis points.

International benchmark Brent crude was trading up 0.66% at $83.39 a barrel, at 9:03 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.8% to reach $77.02 a barrel, after it lost 3.1% in the previous session.

Following the latest interest rates hike, the Fed promised to continue increasing borrowing costs as part of its ongoing fight against inflation.

Meanwhile, the OPEC+ committee in its meeting on Feb. 1 recommended keeping the production policy unchanged.

The markets are also looking for further clarity on demand in China and supplies from Russia.