Brent crude futures rose this evening, boosted by a weaker dollar and Middle East conflicts that also pushed its premium to US oil to a record above $17 a barrel.
News that Saudi Arabia planned to raise output in June regardless of the result of OPEC's Wednesday meeting limited Brent's gains and pressured US crude futures.
Investors tried to assess whether the Organization of the Petroleum Exporting Countries would raise its production target only to codify current output above targets by members, or to signal intent to boost actual output and not just the quota.
The US dollar fell against a basket of currencies after a senior Chinese currency regulator warned about the risks of excessive dollar holdings, while stocks rebounded as investors bought beaten-down shares.
Brent crude for July delivery rose $1.09 to $115.57 a barrel by 6.33, having recovered from an earlier low of $113.80.
US July crude fell 61 cents to $98.40 barrel, seesawing between $97.74 and $99.30 and staying below front-month crude's 100-day moving average of $99.73 and the 20-day MA of $99.67.
