Oil climbs on weaker dollar, outweighing OPEC+ supply worries By Reuters – Investing.com UK

SectorFinancial Markets

© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing By Sonali Paul MELBOURNE (Reuters) - 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. 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 () 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. The dollar fell 0.4% against a basket of currencies on Monday and dipped a bit further on Tuesday. Oil prices typically rise against a falling ...read more...