London: Global oil prices rebounded sharply on Tuesday on the falling greenback, which makes dollar-priced crude cheaper for buyers using stronger currencies.
US benchmark West Texas Intermediate (WTI) for June delivery jumped USD 1.72 to USD 60.97 per barrel.
Brent North Sea crude for June rallied USD 2.02 to stand at USD 66.93 in London late afternoon trade.
"Crude oil prices rebounded strongly... Supported by a softer US dollar, while investors remained cautious ahead of the release of the weekly oil inventories reports," said Sucden brokerage analyst Myrto Sokou.
The European single currency rose against the dollar on relief that crisis-hit Greece narrowly averted a default Tuesday that could have seen it crashing out of the euro.
Athens tapped an emergency account to meet a debt repayment of 750 million euros (USD 845 million) due to the International Monetary Fund.
The oil market had fallen in earlier Asian deals on worries about a global oversupply after a veteran former energy minister in Qatar warned OPEC members against cutting output unilaterally.
Abdullah al-Attiyah, who led the energy portfolio in oil-rich Qatar for about two decades, said Monday that OPEC should first reach a binding agreement with non-members before reducing production.
"OPEC should not do anything because it is not the swing producer" of the past, Attiyah told reporters in Kuwait City.
"They cannot and will not cut (output) unless the main producers outside OPEC join forces," he said.
