Oil prices rose on Tuesday, rebounding from an early fall of more than $1 a barrel on lift from a weaker dollar and supply concerns highlighted by Saudi Arabia’s energy minister.
Benchmark Brent crude futures rose by 44 cents to $93.70 a barrel by 11:03 a.m. EDT, while U.S. West Texas Intermediate crude futures rose by 77 cents to $85.35.
The U.S. dollar index fell during afternoon trade, making dollar-denominated oil less expensive for other currency holders and helping to push prices higher.
Further support came from comments by Saudi energy minister Prince Abdulaziz bin Salman that energy stocks were being used as a mechanism to manipulate markets.
