At the start of the day on Monday, September 26, 2022, oil prices rose slightly, after reaching their lowest level in eight months last week. And for good reason, the rise in the US dollar and the fear that sharp increases in interest rates around the world could trigger a recession and affect fuel demand.

Oil price gains were capped with the Dollar Index climbing to a new 20-year high on Monday. Brent oil futures were up 17 cents, or 0.2%, to $86.32 per barrel at 0116 GMT, while West Texas Intermediate (WTI) American crude oil futures were up 21 cents, or 0.3%, at $78.95 per barrel. Both contracts fell by around 5% on Friday.

As prices fall, attention will turn to what the Organization of Petroleum Exporting Countries and its Russian-led allies, together called OPEC+, could do during their meeting on 5 October, after agreeing to reduce production modestly at their last meeting. Last week's data showed that OPEC+ missed its production target of 3.58 million barrels per day in August, a larger deficit than the previous month.