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Oil price rises on weaker dollar, Saudi commitment to cut output

Gains were also capped due to rising US production

Oil, crude oil, fuel
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Oil. Photo: Reuters

Julia Payne London
Oil prices rose on Tuesday, supported by a falling US dollar and Saudi Arabia saying it would adhere to Organisation of the Petroleum Exporting Countries (Opec)’s commitment to cut output.

The dollar fell by 0.6 percent against a basket of currencies on Tuesday after US President-elect Donald Trump said the strong greenback was hurting US competitiveness. Brent crude futures, the international benchmark for oil prices, were up 76 cents at $56.52 a barrel by 14:51 GMT, having risen earlier by more than $1 to a session high of $56.95 a barrel.

US West Texas Intermediate (WTI) crude futures were up