Oil rises but Brent remains below $75

Oil drilling rigs

Oil prices rose today, Feb. 6, recovering some of the losses they suffered in the previous session on the back of US inventory data, amid continued trade risks linked to US President Donald Trump’s policies.

Brent crude was trading up 0.38% at $74.89 a barrel, at 09:06 am Makkah time, after losing 2.1% yesterday. West Texas Intermediate (WTI) crude rose 0.46% to $71.36 a barrel.

The positive performance came against the backdrop of Saudi Aramco raising the selling prices of Arab crude in various major markets, which helped compensate for some of the losses of black gold in Feb. 5 session.

The losses came after data from the US Energy Information Administration showed that US oil inventories rose by 8.7 million barrels last week, compared to expectations of a 1.3 million barrel increase, indicating a decline in fuel consumption in the world's largest economies.

Oil gains were limited by a 0.17% rise in the dollar index, which measures the greenback against six major currencies, to 107.74 points, as trade risks from US tariffs persist.