Investing.com - Oil prices rose on Tuesday as a slump to near 11-year lows in the previous session triggered investors' buying appetite, but the crude glut kept gains capped.
U.S. crude futures were at $36.52 a barrel at 12.35 GMT after rising as high as $37.1 earlier.
Internationally traded Brent futures were up 1.51% at $38.72 a barrel.
The dollar slipped to a seven-week low against a basket of currencies, incentivising the purchase of dollar-denominated oil contracts.
Nevertheless, bearish sentiment remained strong, fuelled by an OPEC decision earlier in December to abandon setting a production ceiling for the oil cartel and a likely rise in Iranian oil exports after sanctions are lifted.