Oil prices rise on weaker dollar
NEW YORK, Jan. 31 (Xinhua) -- Oil prices rose on Wednesday as weaker U.S. dollar outweighed concerns for global crude glut.
The U.S. dollar dropped against other major currencies on Tuesday as the Federal Reserve kicked off its two-day policy meeting. The dollar index, which measures the greenback against six major peers, was down 0.88 percent at 99.548 in late trading.
A weaker dollar makes greenback-dominated commodities like crude oil less expensive and more attractive to holders of other currencies.
Oil prices dipped in previous two sessions amid investor concerns on possible lingering global crude glut.
The West Texas Intermediate for March Delivery added 0.18 dollars to settle at 52.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.47 dollars to close at 55.70 dollars a barrel on the London ICE Futures Exchange.
