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Oil above $95, strong dollar limits gains

Oil prices bounced back above $95 a barrel Tuesday on the back of forecasts for more expensive crude in 2012, though gains were limited by the dollar's rise and doubts about global demand.

business Updated: Jul 05, 2011 21:08 IST

Oil prices bounced back above $95 a barrel Tuesday on the back of forecasts for more expensive crude in 2012, though gains were limited by the dollar's rise and doubts about global demand.

China, the world's second biggest oil consumer and a major consumer of commodities, is experiencing a slowdown in economic growth, sounding warning bells across financial markets.

Benchmark oil for August delivery was up 51 cents to $95.45 a barrel in electronic trading on the New York Mercantile Exchange. Financial markets in the US were closed Monday for the Independence Day.

In London, Brent crude for August delivery added 89 cents to $112.28 a barrel on the ICE Futures exchange.