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Oil Rises On Weak Dollar, But Bloated Supply Still Weighs
Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to re balance the market. Prices for front-month Brent crude futures, the international benchmark for oil, had gained 18 cents from their last close to $50.93 per barrel by 0652 GMT. In the United States, West Texas Intermediate (WTI) crude futures were up 20 cents at $47.93 a barrel.
Traders said crude futures were receiving some support from a weak dollar. The greenback has lost 2.9 percent in value against a basket of other leading currencies since its March peak on doubts over U.S. President Donald Trump's ability to push through his economic agenda.