Tokyo - Oil prices fell in Asian trade on Tuesday, but analysts said losses were capped by a weakening dollar while dealers await fresh trading cues.
The US benchmark, West Texas Intermediate for November delivery, dropped eight cents to $90.26 while Brent crude for November eased two cents to $92.77 in late-morning trade.
Singapore's United Overseas Bank said crude prices retained support due to a “dollar weakness” this week.
The US dollar has slipped against other major currencies on profit-taking after surging on Friday to multi-year highs against the yen and euro following a strong September jobs report.
The greenback stood at $109.13 in morning Asian trade on Tuesday, slightly up from $108.75 on Monday but much lower than the levels above 110 yen it hit last week.
As oil is traded in the US currency, a weaker dollar makes the commodity cheaper for global buyers, spurring demand and boosting prices.
UOB said investors will next be scrutinising the minutes of a two-day Fed meeting that ended on September 17 for clues about when the central bank will raise short-term interest rates next year.
The three-day annual meetings of the World Bank and the International Monetary Fund that start on Friday in Washington will be also be keenly watched, analysts said. - AFP