London — Oil prices rose on Tuesday, supported by a falling US dollar and Saudi Arabia saying it would adhere to OPEC’s commitment to cut output. The dollar fell by 0.6% against a basket of currencies on Tuesday after US President-elect Donald Trump said that the strong greenback was hurting US competitiveness. Brent crude futures, the international benchmark for oil prices, were up 76 cents at $56.52 a barrel by 1451 GMT, having risen earlier by more than $1 to a session high of $56.95 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up by 82 cents at $53.19 a barrel. The contract also rose more than $1 to a session high of $53.52 a barrel. "The rise is more or less related to the weaker dollar, which has lifted most commodities today," said Carsten Fritsch, commodity analyst at Commerzbank. Gains were capped by rising US production and scepticism that the Organization of the Petroleum Exporting Countries as a whole would comply with its commitment to reduce supplies...
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