Amwal Al Ghad English - 2013-05-14 07:40:24
Benchmark U.S. crude-oil futures rose in electronic trade Tuesday, finding some relief from a softening in the U.S. dollar.
During Asian trading hours, crude oil for June delivery picked up 22 cents, or 0.2%, to $95.39 a barrel.
The move slightly pared Monday’s loss of 87 cents, or 0.9%, on the New York Mercantile Exchange, where the contract settled at $95.17 a barrel, the lowest since May 2.
On Tuesday, the dollar
dipped against the Japanese yen, and the euro rose ahead of the release of euro-zone economic data.
Oil and other dollar-denominated commodities tend to benefit when the dollar weakens, as it makes them less expensive for holders of other currencies.
But oil prices suffered Monday as the dollar strengthened, and amid concerns about rising output from key oil producers.
Oil production from the Organization of the Petroleum Exporting Countries rose by 250,000 barrels a day in April from a month earlier to 30.5 million barrels per day, according to a Platts survey of OPEC and other oil-industry officials and analysts, released Monday. More»