FX & CFD trading involves significant risk
West Texas Intermediate rebounded after the dollar slid from a 14-month high, increasing the appeal of oil as an investment. Brent erased losses after falling to a two-year low.
Futures rose as much as 0.4 percent in New York after the Bloomberg dollar index, which tracks the greenback against 10 major counterparts, fell from the highest level since July 2013.
"The dollar deserves to come off a little bit with its recent strength," said Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. "On the lack of any bullish news, oil will continue to trade sideways."
WTI for October delivery climbed 36 cents to $92.63 a barrel on the New York Mercantile Exchange at 10:49 a.m. Volume was 27 percent higher than the 100-day average.
Brent for October settlement, which expires today, rose 14 cents to $97.25 a barrel on the London-based ICE Futures Europe exchange. It earlier touched $96.21 a barrel, the lowest since July 2, 2012. The more active November contract gained 34 cents to $98.30. The volume of all futures traded was 11 percent below the 100-day average.
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