Oil reached a 2016 high above $43 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.
Members of OPEC and outside producers such as Russia are meeting in Doha, Qatar on Sunday to discuss freezing output. The dollar fell to its lowest in nearly eight months against a basket of currencies, supporting commodities.
Brent crude futures were up 31 cents at $43.14 a barrel by 9:12 a.m. ET (1312 GMT), having earlier in the session reached a 2016 high of $43.58.
U.S. West Texas Intermediate (WTI) was up 3 cents to $40.39 a barrel, off a session peak of $40.91.
via CNBC 
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