Crude-oil futures bounced off 12-week lows in electronic trading Wednesday, as the U.S. dollar declined and encouraged buying in dollar-priced commodities, ahead of a key oil inventory report by the U.S. Department of Energy later today.
Oil rebounded more than $1 to above $111 a barrel, after falling for two sessions, supported by a weaker dollar.
Brent crude was up $1.21 a barrel at $111.20 by 5:16 a.m. EDT. U.S. crude gained $1.49 to $98.40, rebounding from a 12-week settlement low of $96.91 on Tuesday.
Technical charts indicate short-term bullish targets of $112.50 for Brent and $100 for U.S. oil, according to analysts.
Brent crude is up 18 percent this year and has drawn support from supply losses in Libya.
