SC:Commodities: Oil rises as dollar comes off highs
LONDON (SHARECAST) - Crude oil futures settled higher on Tuesday, in a volatile session, as the dollar pulled back and after the Federal Reserve signalled that it would consider another round of quantitative easing if the US recovery falters.
Crude for August delivery snapped a two-day losing streak to settle $2.28 higher at $97.43 a barrel on the New York Mercantile Exchange. The contract had traded at an intraday low of $93.55 a barrel.
Brent crude oil settled up 51 cents at $117.75 a barrel on the ICE futures exchange in London.
Oil prices were lifted after minutes from the Fed's latest policy meeting indicated that the central bank would consider another round of monetary stimulus if economic growth deteriorates.
The dollar headed lower against major currencies following the news and boosted commodity prices across the board.
Gold gained for the sixth consecutive session on Tuesday amid ongoing jitters about the euro zone debt crisis.
Gold for August delivery climbed $13.10 to settle at $1,562.30 an ounce on the Comex division of the New York Mercantile Exchange.
September copper was also up, adding 2 cents to $4.39 a pound, on concern about a strike amongst copper miners in Chile.
