Brent crude oil prices turned higher this evening after the dollar reversed and weakened, as unrest in the Middle East remained a concern. Brent crude rose 13 cents to $115.72 a barrel, while US crude fell 68 cents to $104.72.
A weaker dollar can lift oil prices by making dollar-denominated oil less expensive for those using other currencies while lowering the value of currency paid to producers and by attracting to commodities markets investors seeking better returns.
Libyan rebel successes capturing oil facilities and gaining recognition from Qatar had helped cool oil prices earlier along with the dollar's strength, brokers and analysts said.
Price volatility and the uncertainty of threats to supply from Middle East unrest and the conflict in Libya - combined with an uncertain demand picture in quake-hit Japan and the euro zone - have curbed trading volumes, with weekly volume for US crude the lowest for the year last week, according to Reuters data.
