Oil prices pushed higher this evening, supported by a weaker dollar in volatile trading as the market tracked Wall Street.
Commodity markets tried to steady themselves following steep tumbles the day before due to worries about slowing economic growth.
Brokers and traders linked Brent's initial recovery to euro strength and dollar weakness. A weak dollar makes oil cheaper for holders of other currencies, and usually leads to an increase in demand.
Brent crude rose $2 to $108.99 a barrel, while US crude rose 70 cents to $83.08.
An August drop in oil prices has coincided with a wider market sell-off as investors have fled riskier assets for safer havens, such as gold. Gold reached another record of $1,877 an ounce today and on was pace for its biggest weekly gain since 2008.
