Oil rebounds as dollar weakens
Crude prices recovered in Asian trade on Tuesday after falling yesterday on the renewed doubts that the Organization of the Petroleum Exporting Countries (OPEC) measures of cutting the output will be effective. The dollar decreased, on the other hand, as investors anticipate rate increase from the Federal Reserve.
WTI for November delivery grew 0.34% to $50.26 per barrel at 7:13 a.m. CET. At the same time, Brent for December delivery rose 0.19%, changing hands for $51.78 a barrel.
The euro climbed 0.13% against the greenback, buying $1.1014 at 7:47 a.m. CET. Sterling added 0.36% against the dollar to trade at $1.2227. The dollar was almost flat against the yen.