Summary Global oil prices rose Tuesday ahead of the weekly US inventories report.
NEW YORK (AFP) - Global oil prices rose Tuesday, lifted a bit by a weaker dollar and ahead of the weekly US inventories report.
US benchmark West Texas Intermediate (WTI) for delivery in December rose 42 cents to close at $81.42 a barrel.
Brent North Sea crude for December added 20 cents, settling at $86.03 a barrel in London.
WTI, which had fallen Monday to a new intraday low since late June 2012 of $79.44 before ending flat, swung between gains and losses throughout the session.
Tim Evans of Citi Futures cited "some degree of support from firmer equities and a slightly weaker US dollar, but modest trading volumes suggesting most portfolio managers are waiting for further developments."
A weaker greenback makes dollar-priced oil cheaper for buyers using stronger currencies, tending to support demand.
The market awaited Wednesday s weekly government report on US petroleum inventories.
US crude stockpiles are expected to climb by approximately 3.8 million barrels, said Robert Yawger of Mizuho Securities USA, after the previous week s 7.1-million barrel surge.
That added to worries about a global oversupply, further dampening prices.
Evans of Citi Futures said that traders are also interested in what OPEC will decides its November 27 summit, faced with mounting global stocks and only slowly growing demand.
"On balance, we think traders will be cautious ahead of the OPEC meeting, with perhaps some short covering on the chance they take convincing action to support prices."
