Oil rebounds as dollar weakens, equities gains
Crude prices rebounded on Tuesday as the U.S. dollar fell to its lowest level against the euro in more than a year, Xinhua reported.
Light, sweet crude for October delivery gained 1.84 dollars, or 2.6 percent, to settle at 71.55 dollars a barrel on the New York Mercantile Exchange. As October contract expires on Tuesday, the more active November contract rose 1.83 dollars to settle at 71.76 dollars a barrel.
Oil got a lift as the dollar fell to its lowest level against the euro since August 2008, strengthening the purchasing power of buyers using other currencies.
Meanwhile gains on equities markets and predictions for another drop in the U.S. crude stockpiles also helped push up commodities including oil futures.
In London, Brent Crude for November delivery rose 1.84 dollars to 70.53 dollars a barrel on the ICE Futures exchange.