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Oil prices rise in early trade

Oil prices rise in early trade
US dollar index declined 0.07% to 97.21

By: Mahmoud Gamal

Mubasher: Oil prices opened Tuesday on a higher note in Asia, but are still moving near the lowest mark registered in three months.

By 3:50am GMT, Brent crude oil futures rose by 0.40% to $45.31 after closing Monday at $44.72 per barrel.

US West Texas Intermediate (WTI) stood 0.26% higher to $43.25 a barrel, moving up from Monday's $43.13.

Higher prices were driven by a weaker dollar's value before the US Federal meeting that will be held today to consider raising interest rates and the adoption of new monetary policies, said market analyst Romani Zakrya.

The US dollar index declined 0.07% to 97.21 against a basket of currencies by 3:50am GMT.  

In spite of the rise, oil prices are still moving downward, Romany added, noting that Morgan Stanley expected ongoing fears of oversupply to send oil prices lower once again.