Oil up

Singapore

Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market.

Prices for front-month Brent crude futures, the international benchmark for oil, had gained 18 cents from their last close to $50.93 per barrel by 0652 GMT.

In the United States, West Texas Intermediate (WTI) crude futures were up 20 cents at $47.93 a barrel. Traders said crude futures were receiving some support from a weak dollar.

The greenback has lost 2.9 percent in value against a basket of other leading currencies since its March peak on doubts over U.S. President Donald Trump´s ability to push through his economic agenda.

When the dollar weakens, many traders pull money from foreign exchange markets and put it into commodities futures such as gold or crude instead.