The price of Brent crude inched towards $92 a barrel, despite hitting a 27-month low in recent days.
The chances of the Federal Reserve holding off the interest rate hike have weakened the US dollar, which helped support the oil price.
Expectations of an increase in oil demand by the end of this month has helped push the price of oil up, reports Reuters.
Brent crude for November delivery grew 36 cents at $91.74, while US November crude increased 45 cents to $87.76.
Reuters quoted Singapore’s Phillip Futures as saying in a report: "Energy prices should experience some upward push with a weakening dollar as it should be relatively cheaper to purchase energy products."
See Also:
Meanwhile, investors are monitoring political tension developments in the Middle East.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIslamic State fighters again renewed their assault on Kobani, close to the Turkish-Syrian border.
US and coalition warplanes are targeting IS strategic points and strongholds in Syria.
Next week, diplomats from Iran, the EU and the US will meet in Vienna to discuss the long-pending agreement on ending the dispute over Iran’s nuclear programme before the 24 November deadline.