U.S. crude futures rose on Tuesday to hold above $90 a barrel, clinging to overnight gains after the U.S. dollar posted its biggest one-day drop since January as the bounce from Friday’s strong non-farm payrolls faded. However, support from a softer dollar could be muted as oversupplied crude markets and lacklustre demand weigh on oil prices.
U.S. crude for November delivery rose 13 cents to $90.48 a barrel by 0030 GMT on Tuesday after gaining 60 cents on Monday. Brent crude for November delivery gained 8 cents to $92.87 a barrel after ending the previous session 48 cents higher.
U.S. crude inventories rose by 1.4 million barrels last week to 358 million barrels according to analysts polled by Reuters ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy’s Energy Information Administration (EIA).