Oil slightly up in Europe

LONDON (Commodity Online) : Oil prices staged a slight recovery in European trade Tuesday as the dollar eased from recent gains while some investors began brisk buying ahead of US Fed meet outcome.
Light sweet crude for June delivery was seen trading at $112.03 a barrel at 5.00 p.m Indian time while Brent crude futures were trading 20 cents up at $123.86 a barrel, having fallen to as low as $122.66.
Investors were focused on the meeting, due to start later on Tuesday, particularly since Ben Bernanke is to give the first regularly scheduled news briefing by a Fed chief in the bank's 97-year history following its decision on Wednesday.
The ICE US Dollar Index, which tracks the US dollar against six major world currencies was trading at 74.268, just slightly up on last week’s lows, however the dollar is expected to weaken further, which will be bullish for oil prices in the short term at least.
Analysts said oil was also helped by Saudi Arabia's state oil company comment that the world's top oil exporter was concerned about the economic impact of expensive oil.
Saudi Aramco chief executive Khalid al-Falih said on Tuesday that Saudi Arabia has enough spare crude oil capacity to meet world demand.

(Source: http://www.commodityonline.com/news/Oil-slightly-up-in-Europe-38488-3-1.html)