West TX Oil Above $60 on Dollar Weakness

U.S. oil prices closed up 2.5 percent at $60.75 a barrel on Tuesday as a weak dollar lifted commodities denominated in the currency and OPEC slightly raised its forecast for world oil demand growth.

Violence in Yemen also boosted oil prices, raising concerns over the security of Middle East crude supplies.  The dollar fell on bond market gyrations, making oil and other commodities priced in the greenback more affordable to holders of the euro and other currencies.

The Organization of the Petroleum Exporting Countries tweaked its 2015 world oil demand growth forecast to 1.18 million barrels per day (bpd), above a previous estimate of 1.17 million.