World oil prices advanced in Asian trade Tuesday as the dollar dropped and also on speculation US stockpiles declined.
Light sweet crude for February delivery was seen trading at $91.10 a barrel at 12.00 noon Singapore time while Brent crude was at $94.17 a barrel in London.
Analysts said all commodities especially oil and gold rose after the greenback dropped for a fourth day in succession.
The black gold also took advantage on speculation that stockpiles declined in the US, the world's biggest oil consumer.
Oil retraced some of yesterday's 0.6 percent drop before an Energy Department report forecast to show U.S. inventories shrank for a fourth week, the longest stretch of declines in a year. The dollar fell for a fourth day, bolstering the investment appeal of commodities.
The Energy Department will release its Weekly Petroleum Status Report on Dec. 30, a day later than usual because of Christmas.
The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, was down for a fourth day, dropping 0.5 percent to 79.87. That's the longest losing streak in three months.
On Monday, oil fell as Chinese moves to cool its economy offset fierce wintry conditions in the United States and Europe that had looked set to nudge prices upward.
Light sweet crude for February delivery was down 51 cents from Thursday to close at $91.00 a barrel while London's Brent crude for February delivery rose eight cents from Friday to $93.85 a barrel.
China's decision to further hike interest rates in order to tame inflation raised the prospect of slower growth in the world's hottest emerging market.
Light sweet crude for February delivery was seen trading at $91.10 a barrel at 12.00 noon Singapore time while Brent crude was at $94.17 a barrel in London.
Analysts said all commodities especially oil and gold rose after the greenback dropped for a fourth day in succession.
The black gold also took advantage on speculation that stockpiles declined in the US, the world's biggest oil consumer.
Oil retraced some of yesterday's 0.6 percent drop before an Energy Department report forecast to show U.S. inventories shrank for a fourth week, the longest stretch of declines in a year. The dollar fell for a fourth day, bolstering the investment appeal of commodities.
The Energy Department will release its Weekly Petroleum Status Report on Dec. 30, a day later than usual because of Christmas.
The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, was down for a fourth day, dropping 0.5 percent to 79.87. That's the longest losing streak in three months.
On Monday, oil fell as Chinese moves to cool its economy offset fierce wintry conditions in the United States and Europe that had looked set to nudge prices upward.
Light sweet crude for February delivery was down 51 cents from Thursday to close at $91.00 a barrel while London's Brent crude for February delivery rose eight cents from Friday to $93.85 a barrel.
China's decision to further hike interest rates in order to tame inflation raised the prospect of slower growth in the world's hottest emerging market.
