Oil Updates – prices rise on weak dollar, expectations for OPEC+ output cuts

SINGAPORE: Oil prices rose slightly on Tuesday due to a weak dollar, and expectations that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, would deepen and extend output cuts due to fears demand would remain subdued, according to Reuters.

Brent crude futures were up 11 cents, or 0.1 percent, at $80.09 a barrel at 8:10 a.m. Saudi time. 

US West Texas Intermediate crude futures were trading 4 cents higher, also 0.1 percent, at $74.90 a barrel. Both benchmarks pared some gains after rising sharply in early Asian trade.