Oil rises on weaker dollar, Saudi commitment to cut output

Oil prices rose on Tuesday supported by a falling US dollar and Saudi Arabia saying it would adhere to Organization of Petroleum Exporting Countries commitment to cut output.
Gains were capped by rising US production and scepticism that the Organization of Petroleum Exporting Countries as a whole would comply with its commitments to reduce supplies.
Brent crude futures, the international benchmark for oil prices, were up 77 cents at $56.63 per barrel at 1020 GMT.
The dollar, along with stocks and bond yields, fell across the board on Tuesday after US President-elect Donald Trump said that the strong greenback was hurting US competitiveness.
Traders said oil drew some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the agreement between OPEC and other producers like Russia.