Oil climbs on weaker dollar, outweighing OPEC+ supply worries
Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.
Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4%, to $59.45 barrel, after sliding 4.6% on Monday.
“The weaker U.S. dollar is a contributor, and increasing (U.S.) growth confidence helps,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.
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