Mubasher: Oil and gold prices saw a rise in Tuesday’s early trading, while U.S dollar extended its decline.

By 7:30 GMT Brent Crude rose 0.5% to $46.08 per barrel in early Asian trading. U.S Crude was also 0.5% higher to $45.01 per barrel.

Spot gold prices also moved up 0.6% to $1,299.2 per ounce. 

Crude prices gained after speculation by major traders to reach acceptable levels despite negative news that OPEC has increased production, oil analyst Ahmed Karam told Mubasher in a comment.

The rise in oil prices is boosted by a declining dollar, which has reached a 2-year low, the analyst added.

The Dollar Index, which measures the value of the dollar relative to a basket of foreign currencies, fell 0.5% to 92.07 points.

The decline in oil rigs was among the positive aspects that boosted oil prices, Karam noted.

Baker Hughes Oil Services said on Friday that oil drillers halted production at 11 rigs in the week ended 29 April.