Oil prices rise on weaker dollar, expected U.S. stockpiles drop

Oil prices recovered losses from previous session on Wednesday on weaker U.S. dollar and expectations that U.S. crude inventories have dropped.

The West Texas Intermediate for February Delivery added 0.93 dollars to settle at 53.26 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.99 dollars to close at 56.46 dollars a barrel on the London ICE Futures Exchange. Endit