Crude Oil prices were trading higher for the first session in six on Tuesday, helped by a surge in U.S. stocks that offset a rise in the U.S. Dollar on concerns about European growth prospects. Wall Street gains boosted Crude prices as investors bet a Massachusetts Senate race could derail President Obama's healthcare reform plan, which had been seen as a threat to profits in the key sector.
Last week, Oil prices fell nearly 6%, as forecasts of warmer weather dimmed the outlook for demand. A relatively high level of Oil supplies and decreased expectations that cold weather would require more heating fuel have also been weighing on Crude, analysts said. A stronger Dollar may also add some pressure to Oil prices, with the EUR falling to a 4-week low against the Dollar. Rise in the value of the Dollar often discourages investor interest in Dollar denominated commodities such as Crude Oil.