Global oil prices extended gains in Europeans trade Tuesday as the dollar remained weak and also on speculation that cold weather in the US and Europe will boost demand.
Light sweet crude for February delivery was seen trading at $91.18 a barrel on the electronic trading on the New York Mercantile Exchange at 12.30 p.m London time, after rising as high as $91.34.
Brent crude for February settlement rose as much as 30 cents to $94.15 a barrel on the London-based ICE Futures Europe exchange.
Analysts said the black gold is likely to advance further as a weaker dollar is helping to support oil prices, making commodities such as oil futures cheaper for investors to buy.
The ICE Dollar Index, which tracks the US dollar against the currencies of six major US trading partners, was down for a fourth day, dropping 0.5 percent to 79.95. That's the longest losing streak in three months.
A weaker US dollar tends to support dollar denominated commodities such as oil futures.
Speculators also have piled into the oil market in recent days, with hedge fund managers, raising their net long position in WTI oil contracts for the third week in December.
,Oil traders will also focus on US crude oil inventory data due later this week, as US crude oil stockpiles are expected to fall again by around 2.8 million barrels.
Light sweet crude for February delivery was seen trading at $91.18 a barrel on the electronic trading on the New York Mercantile Exchange at 12.30 p.m London time, after rising as high as $91.34.
Brent crude for February settlement rose as much as 30 cents to $94.15 a barrel on the London-based ICE Futures Europe exchange.
Analysts said the black gold is likely to advance further as a weaker dollar is helping to support oil prices, making commodities such as oil futures cheaper for investors to buy.
The ICE Dollar Index, which tracks the US dollar against the currencies of six major US trading partners, was down for a fourth day, dropping 0.5 percent to 79.95. That's the longest losing streak in three months.
A weaker US dollar tends to support dollar denominated commodities such as oil futures.
Speculators also have piled into the oil market in recent days, with hedge fund managers, raising their net long position in WTI oil contracts for the third week in December.
,Oil traders will also focus on US crude oil inventory data due later this week, as US crude oil stockpiles are expected to fall again by around 2.8 million barrels.
