Oil rises on weaker dollar, Saudi commitment to cut output

Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output.

Gains were capped by rising U.S. production and scepticism that the Organization of the Petroleum Exporting Countries as a whole would comply with its commitments to reduce supplies.

Brent crude futures, the international benchmark for oil prices, were up 77 cents at $56.63 per barrel at 1020 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 88 cents at $53.25 per barrel.

Amid a better-than-expected U.S. GDP print and a slightly softer dollar, oil prices are on the rise today. Gasoline, however, is on the move lower.

Oil prices nudged higher in tepid Asian trading on Thursday, supported by a weaker dollar and optimism that crude producers would abide by an agreement to curb output to prop up markets.

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