Oil rises ahead of API inventory data

Oil prices rose slightly during today's trading despite the pressure of dollar's rise against most major currencies, but crude is still supported by concerns over the supply disruptions in the Middle East.

The Energy Information Administration (EIA) will release its official data on oil inventories in the US tomorrow, while the American Petroleum Institute (API) will release preliminary data later today.

The US President, Donald Trump yesterday signed an executive order imposing financial sanctions against a number of officials in Iran.

In a related context, the dollar index (against a number of major currencies) rose by 0.2% to 96.2 points at 16:49 GMT, recording a high of 96.2 points and a low of 95.8 points.

In terms of trade, by 16:47 GMT, West Texas rose by 0.1% to $58 per barrel, with a high of $58.3 and a low of $57.2.

Brent rose 0.5% to $65.1 per barrel, the highest at $65.5 and the lowest at $64.1.