Oil Pices

MCX Crude Oil on the daily chart is consolidating within a symmetrical triangle pattern, indicating a phase of compression after the recent volatile swings

Brent crude futures rose 83 cents, or 0.8%, to $109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to $106.46 a barrel

Oil prices settled around 4% higher on Tuesday as the US banned Russian oil imports and Britain said it will phase them out by year end

Another possible rate increase from Federal Reserve by mid-year may boost dollar, impact oil prices