Oil Prices Rise in Early Session Behind the Weakening Dollar

Oil prices were slightly higher in morning trade to near $ 47 per barrel as the weakening dollar balance the concerns over global oil supply is still high after a surprise rise in US crude inventories last week.

Investors are awaiting US jobs data for August and the data weekly oil rig on Friday night to give guidance to the market.

US crude for October delivery rose about 3 cents to $ 46.78 a barrel this morning, after ending 50 cents higher in the previous session.

Meanwhile Brent oil for October rose by $ 50.80 per barrel, after ending the previous session at 18 cents higher.

US crude oil exports reached 526,000 barrels per day in July compared with 431,000 barrels per day in June, indicated in foreign trade data from the US Bureau of Statistics on Thursday.