Investing.com – Oil on Tuesday rallied strongly from six-week lows overnight as the dollar weakened and a strike loomed in Norway.
The impact of Britain’s decision to exit the European Union appeared to abate somewhat.
U.S. crude was up $1.22, or 2.63%, at $47.55 at 06:45 ET, while Brent crude added $1.16, or 2.43%, to $48.93.
The dollar index was down 0.5%. A weaker dollar underpins demand for oil.
Some 755 Norwegian oil rig workers have threatened to strike on Saturday if their wage claims are not met.
The stoppage would affect 18% of the output of Europe’s largest oil producer.
The latest American Petroleum Institute weekly crude inventory figures are due out Tuesday.