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International

Oil prices rebound on weaker dollar, production cuts

10:35, Tuesday, 24 January, 2017
Oil prices rebound on weaker dollar, production cuts

Oil climbed on Tuesday as a weaker U.S. dollar and production cuts announced by OPEC and other producers buoyed the market, but an increase in drilling activity in the United States is likely to keep a lid on prices.

Brent crude LCOc1, the international benchmark for oil prices, rose 30 cents to $55.53 a barrel by 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 added 27 cents to $53.02 a barrel.

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