The weakened dollar is persuading buyers discomforted by rising U.S. oil inventories to return to the market, resulting in the rise of crude-oil futures.
Oil prices recovered from early losses as the possibility for a longer period of low interest rates in the U.S. continued to push down the dollar’s value and boost commodities and equities.
Light, sweet crude for December traded 1% higher at $79.84 per barrel on the New York Mercantile Exchange while brent crude on the ICE futures exchange traded 99 cents higher at $78.38 per barrel.
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