Oil prices rose on Monday as a softer dollar and stronger U.S. equity markets helped crude futures rebound from an earlier drop pressured by worries about increased drilling activity for oil in the United States.
Data from energy monitoring service Genscape showing a draw of 330,611 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures in the six days to Sept. 12 also supported oil prices, said traders who saw the data.
Brent crude oil futures rose 30 cents to $48.31 a barrel, by 2:38 p.m. ET, after earlier dipping below $47.
U.S. West Texas Intermediate futures were up 37 cents at $46.25 a barrel, having traded as low as $44.72.
The market was boosted later by reduced expectations for a U.S. Federal Reserve rate hike this month, which sent the dollar lower and equity markets higher. A softer dollar makes greenback-denominated commodities, including crude, more affordable to holders of the euro and other currencies.