WTI Crude
47.54
Brent Crude
50.14
Natural Gas
3.08

Oil climbs on weaker dollar, but rise in U.S. drilling drags

By Jane Chung

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Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output.

Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel.

The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for the Federal Reserve to hike interest rates again later this year. A weaker dollar also makes oil cheaper for countries using other currencies.

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By Jane Chung

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