Oil prices continue to recover after falling to the lows marked more than 6 months ago. The current price of Brent oil is $75.75 per barrel. Yesterday's low was at $72.29. One of the key factors contributing to the rise in oil prices today is the weakening of the dollar. The US Federal Reserve System kept the rate at 5.25-5.5%, and also gave signals that interest rates would not rise and would most likely be lowered in 2024. The expectation of lower interest rates is also helping to ease concerns about oil demand in light of slowing economic activity. An additional support for oil prices was the reduction of oil reserves in the United States by 4 million barrels, which indicates an increase in demand for oil in the United States. The attack on a tanker in the Red Sea also raised concerns about oil supplies from the Middle East and contributed to today's rise in oil prices. The incident was the latest in a string of attacks on American and Israeli vessels in the area by the Yemeni-backed Houthis. However, it is worth noting that amid concerns about a slowdown in economic activity and oversupply in the market, oil prices have recently declined and reached lows over the past six months. This was due to the decision of the Organization of Petroleum Exporting Countries (OPEC) to extend production cuts until 2024.
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