Oil settles up 2% on weaker US dollar, rising demand forecasts

Brent futures rose US$1.71, or 2.2%, to settle at US$79.40 a barrel, while US West Texas Intermediate (WTI) crude rose US$1.84, or 2.5%, to settle at US$74.83.

NEW YORK: Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling US dollar, hopes for higher demand in the developing world and supply cuts by the world's biggest oil exporters.

Brent futures rose US$1.71, or 2.2%, to settle at US$79.40 a barrel. US West Texas Intermediate (WTI) crude rose US$1.84, or 2.5%, to settle at US$74.83.