Oil prices lifted by weaker dollar and soaring equities - Reuters

Oil prices lifted by weaker dollar and soaring equities - Reuters:

Oil prices rose on Tuesday, reversing overnight losses against the backdrop of an equities bull run and a sliding U.S. dollar.

Brent crude LCOc1 futures climbed 61 cents to $45.89 a barrel by 1124 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 53 cents, hitting $43.14 a barrel.

The dollar was at it lowest in more than two years against a basket of currencies .DXY, pressured by the U.S. Federal Reserve’s loosening of inflation policy last week, making dollar-priced commodities cheaper for global buyers.

Strong Chinese manufacturing data also lifted oil prices, said Jeffrey Halley, a senior market analyst at OANDA.