Oil up

Singapore

Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.

A drop in the dollar away from seven-month highs the previous day also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies domestically.

Brent crude was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close.

U.S. West Texas Intermediate (WTI) crude was up 40 cents, or 0.8 percent, at $50.34 a barrel. Traders said prices were receiving support from the notion that oil markets, which have been dogged by oversupply for two years, may be closer to balance than previously anticipated.