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Oil hits 2016 high above $43 on producer meeting hopes

Oil reached a 2016 high above $43 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.

Many members of OPEC plus outside producers such as Russia are meeting Doha, Qatar, on Sunday to discuss freezing output. The dollar fell to its lowest in nearly eight months against a basket of currencies, supporting commodities.

Brent crude futures was up 50 cents at $43.33 a barrel and earlier in the session reached a 2016 high of $43.53. U.S. West Texas Intermediate (WTI) gained 39 cents to $40.75 a barrel.

"The weak dollar is one important reason," said Eugen Weinberg of...


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