Oil prices rose after a two-week low, with Brent crude prices rising 43 cents to $93.72 a barrel.

The US Federal Reserve and European Central Bank have emphasized their commitment to fighting inflation, suggesting restrictive monetary policy may last longer than expected.

High interest rates reduce oil demand by slowing economic growth.

The US dollar hit a 10-month high on Tuesday, making oil importers pay more than their home currency, which lowers oil demand.

Russia’s relaxed gasoline and diesel export embargo has kept prices mostly flat, but production cuts by Russia and Saudi Arabia limit oil supply.