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6/7/2016, 10:04 AM (Source: TeleTrader)
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Oil rises on weaker U.S. dollar, Nigeria attacks

Oil prices were slowly rising on Tuesday, keeping the momentum from the weakening U.S. dollar in which the commodity is priced.

Global benchmark Brent for delivery in August rose 0.30% to $50.63 a barrel at ICE Europe by 9:49 a.m. CET. The favourite international blend gained 34% year to date.

North American light sweet crude West Texas Intermediate edged up 0.14% to $49.74 a barrel at the same time. The commodity rose 33.41% year to date. Back on Monday, WTI at Nymex closed $0.11 lower at $49.58 a barrel.

The Organization of the Petroleum Exporting Countries reported daily basket price of 13 crudes at $46.00 a barrel on Monday. This compares to $45.73 a barrel on Friday.

French oil refineries are now restarting following workers' strike which had halted production in the country and lowered demand for crude oil. Rebel attack against oil pipelines infrastructure in Nigeria cut the output from the African country by 170 thousand barrels a day. U.S. markets will be expecting report from the American Petroleum Institute on the state of oil inventories, which are roughly estimated to have fallen by 3.5 million barrels.

The U.S. dollar index was down 0.14% to 93.90. The greenback was 0.11% lower compared to the euro, and 0.14% higher compared to the Japanese yen. The U.S. currency dropped 0.57% versus the British pound and was 0.27% lower against the Canadian dollar at 9:58 a.m. CET.

Breaking the News / ZR