Oil prices are rising after falling the day before to lows since early January. The market is correcting thanks to a pause in the strengthening of the dollar, although concerns about the prospects for oil demand amid weakening economic growth in the world remain, writes Bloomberg. The ICE dollar index hit a 20-year high on Monday and is losing 0.3% on Tuesday.

Traders are keeping an eye on the situation in the Gulf of Mexico as Hurricane Jan gains strength.” The U.S. National Hurricane Center expects Jan to reach Florida by the middle of this week.

“The hurricane is unlikely to have a major impact on oil and gas company operations in the Gulf of Mexico, but there remains a chance it will shift slightly westward and cause damage to the sector,” says Michael Lynch, president of Strategic Energy & Economic Research, as quoted by Market Watch.

Chevron Corp. the day before announced the suspension of two production platforms in the Gulf of Mexico due to the hurricane.

The cost of November futures for Brent crude oil on the London-based ICE Futures exchange by 8:30 Moscow time on Tuesday is $84.84 per barrel, which is $0.78 (0.93%) higher than the price at the close of the previous session. At the end of previous trading, these contracts fell in price by $2.09 (2.4%) to $84.06 per barrel, the lowest since January 11.

The price of WTI crude oil futures for November at the electronic trading of the New York Mercantile Exchange (NYMEX) rose by $0.81 (1.06%) to $77.52 per barrel. By the close of the market on Monday, the cost of these contracts fell by $2.03 (2.6%), to $76.71 per barrel, the minimum since January 3.