<p>Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.</p>.<p>Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday.</p>.<p>US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4%, to $59.45 barrel, after sliding 4.6% on Monday.</p>.<p>"The weaker US dollar is a contributor, and increasing (US) growth confidence helps," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.</p>.<p>The dollar fell 0.4% against a basket of currencies on Monday and dipped a bit further on Tuesday. Oil prices typically rise against a falling dollar, as a weaker greenback makes dollar-priced oil cheaper for those holding other currencies.</p>.<p>Adding to positive sentiment, England is set to ease coronavirus pandemic restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons and outdoor hospitality areas.</p>.<p>That helped offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.</p>.<p>Saudi Arabia is also set to phase out its extra voluntary cut of 1 million bpd over those three months. At the same time OPEC member Iran, exempt from making voluntary cuts, is boosting supply.</p>.<p>The push by OPEC+ to add supply came despite concerns about a rise in Covid-19 cases.</p>.<p>"Rising virus cases in countries such as India and the European Union are keeping traders cautious, with any renewed restrictions likely to weigh on demand," ANZ Research said in a note.</p>
<p>Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.</p>.<p>Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday.</p>.<p>US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4%, to $59.45 barrel, after sliding 4.6% on Monday.</p>.<p>"The weaker US dollar is a contributor, and increasing (US) growth confidence helps," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.</p>.<p>The dollar fell 0.4% against a basket of currencies on Monday and dipped a bit further on Tuesday. Oil prices typically rise against a falling dollar, as a weaker greenback makes dollar-priced oil cheaper for those holding other currencies.</p>.<p>Adding to positive sentiment, England is set to ease coronavirus pandemic restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons and outdoor hospitality areas.</p>.<p>That helped offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.</p>.<p>Saudi Arabia is also set to phase out its extra voluntary cut of 1 million bpd over those three months. At the same time OPEC member Iran, exempt from making voluntary cuts, is boosting supply.</p>.<p>The push by OPEC+ to add supply came despite concerns about a rise in Covid-19 cases.</p>.<p>"Rising virus cases in countries such as India and the European Union are keeping traders cautious, with any renewed restrictions likely to weigh on demand," ANZ Research said in a note.</p>