Oil rises on OPEC+ cuts, weaker dollar

Oil rises on OPEC+ cuts, weaker dollar

Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Brent crude futures rose 23 cents, or 0.3%, to $77.92 a barrel by 0153 GMT, and U.S. West Texas Intermediate crude was up 32 cents, or 0.4%, at $73.31. Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors booked profits after last week's 4.5% rise. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. "Oil has found a floor and the only thing ... that could break that is if U.S. inflation is scorching hot and the Fed is forced to tighten this economy into a recession," said Edward Moya, an analyst at OANDA. While central bank officials said the U.S. Federal Reserve will likely need to raise interest rates further to bring