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Oil rebounds to $89 after falling to 8-month low

(Agencies)
Updated: 2008-10-07 23:44

However, OPEC may be reluctant to slash output since higher gasoline and heating costs would be a further drag on economic growth, Moore said.

Related readings:  Oil drops 6% to below $88 on demand concerns  Wall Street tumbles amid global sell-off, oil below $90  Oil plunges below $100 as US bailout plan voted down  Oil falls below $107 after record one-day surge

"I think it's very difficult for OPEC," Moore said. "With the international economy looking weak, decisions to support oil prices have to be balanced against not making the situation worse."

A stronger dollar has also been weighing on oil prices. Investors tend to buy commodities like oil to defend against dollar weakness and a hedge against inflation, but sell crude as the US currency strengthens.

The 15-nation euro gained to $1.3585 in trading Tuesday from 1.3516 on Monday while the dollar gained to 102.69 yen from 101.59.

In other Nymex trading, heating oil futures rose 5.86 cents to $2.53 a gallon, while gasoline prices gained 4.85 cents to $2.11 a gallon. Natural gas for November delivery rose 6.9 cents to $6.90 per 1,000 cubic feet.

In London, November Brent crude rose $1.96 to $85.64 a barrel on the ICE Futures exchange.

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