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Oil prices recover to USD110 a barrel

Tuesday, December 10 12:29:57

Brent crude oil rose to around $110 a barrel today, recouping some of the previous session's sharp losses as the U.S. dollar weakened.

The U.S. currency hit a six-week low against the euro, increasing the purchasing power for European consumers who have to buy oil in dollars on international markets.

Brent for January was up 80 cents at $110.19 a barrel by 1210 GMT, having risen briefly by more than $1 to a high of $110.45. Brent dropped 2 percent on Monday, its biggest loss in five weeks, following mixed economic data from Germany.

U.S. crude oil futures, were up $1.11 at $98.45 a barrel, their highest in six weeks, after their first decline in seven sessions on Monday.

"The poor day yesterday (for Brent) was (due to) the mixed German data, which called into question the European recovery," said Gareth Lewis-Davies, senior energy strategist at BNP Paribas. "I think that was overdone and we've seen about 40 percent of the falls yesterday have been recovered."

Helping underpin Brent was persistently low output in Libya at 250,000 barrels per day (bpd), down from 1.4 million bpd in July.