Oil holds gains ahead of US drilling data

Oil prices rose today as dollar stabilized against most of currencies, while oil maintained its gains ahead of the release of the US drilling data.

As of 16:52 GMT, dollar held against a basket of currencies at 98 points, with a high of 98.2 points and a low of 97.9.

Baker Hughes will release later its  oil and natural gas drilling data for this week.

The markets are still cautiously monitoring the developments in the bond markets in addition to signs about global economic slowdown.

By 16:47 GMT, WTI rose by 0.6% to $54.7 a barrel, with a high of $55.6 and a low of $54.2.

Brent rose 0.7% to $58.6 a barrel, with a high of $59.5 and a low of $58.2.