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Oil prices rise on Middle East tension, falling Venezuela output

Oil prices rose by almost 1 percent on Tuesday, lifted by a weak dollar, tensions in the Middle East and concerns of a further fall in Venezuelan output.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.61 a barrel at 0744 GMT, up 55 cents, or 0.9 percent, from their previous close.

Brent crude futures LCOc1 were at $66.53 per barrel, up 48 cents, or 0.7 percent.

“Tensions between Saudi Arabia and Iran gave prices some support,” said Sukrit Vijayakar, director of energy consultancy Trifecta in a note. traders also pointed to general dollar weakness .DXY as a supporter for crude. weaker greenback makes imports of dollar-denominated crude cheaper for countries using other currencies at home, potentially spurring demand.

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