Oil extended rally on supply concerns and dollar weakness

International benchmarks for crude oil continued to rally on Tuesday, 19 July 2022 as investors were concerned over the supply tightness while the US dollar weakened after industry experts said the FED might not increase the interest rate by the full 100-basis point in the July meeting.

Brent added $1.08 or 1% to close at $107.35/barrel.

WTI gained $1.62 or 1.6% to settle at $104.22/barrel.