Despite the gloomy market sentiment, oil prices continued to strengthen to new record highs.
Heading into the European session, Brent oil futures rose 0.5% to $87.84 a barrel, hitting their highest level since January 23.
Meanwhile, US WTI traded up 0.6% at $84.72 a barrel, the strongest level since November 2022.
The strengthening was exposed following the decline of the US dollar ahead of the publication of US inflation data.
However, it is well known that oil prices have recorded a significant increase since last month, driven by voluntary production cuts by Saudi Arabia and Russia.
In fact, the world's two main oil exporters also plan to extend voluntary production cuts of 1 million barrels per day for another month.
The market is now waiting for the publication of US inflation data, which is scheduled to come out in the New York session, which will give an indication of the Federal Reserve's (Fed) monetary policy in the future.
