Singapore — Oil climbed on Tuesday as a weaker dollar and production cuts announced by oil cartel Opec and other producers buoyed the market, but an increase in drilling activity in the US is likely to keep a lid on prices. Brent crude, the international benchmark for oil prices, rose 30c to $55.53 a barrel by 1.47am GMT. US West Texas Intermediate (WTI) crude futures added 27c to $53.02 a barrel. The dollar wallowed near seven-week lows, pressured by concern about the impact of US President Donald Trump’s protectionist trade stance. A weaker dollar makes greenback-priced commodities cheaper for importers holding other currencies. Ministers representing members of Opec and non-Opec producers said at a meeting in Vienna on Sunday that of the almost 1.8-million barrels a day they had agreed to remove from the market starting on January 1, 1.5-million barrels a day had already been cut. Bernstein Energy said global oil inventories declined by 24-million barrels to 5.7-billion barrels i...
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