New York — Oil prices rose about 2% on Tuesday and hit a one-week high, boosted by a weaker dollar, short covering and expectations that crude inventories in the US may decline for the third consecutive week. It was the fourth straight session of gains for oil, which also got some support after the chief executive of US shale oil producer Pioneer Natural Resources Co said Saudi Arabia likely will move to boost oil prices to prop its own national finances. With the end of the quarter approaching, brokers said investors were covering short positions. Brent crude futures, the international benchmark for oil prices, gained $1.01 or 2.2% to $46.84 per barrel by 3.49pm GMT. US crude futures were up 92c, or about 2%, at $44.30 per barrel. Brent touched a one week high at a session high of $47.06. US crude hit its highest since June 19 at $44.44. Tim Evans, Citi Futures’ energy futures specialist, said in a note that oil’s upswing was "a technical correction after the declines of the past f...
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