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Oil futures rise on weaker dollar, new cash inflows

A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo.

Crude oil futures rose on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned that fundamentals remain weak as a producer race for customers heats up in the Middle East.

Front-month Brent crude futures LCOc1 were trading at $44.91 per barrel at 0129 GMT (2129 EDT), up 43 cents, or around 1 percent, from their last settlement.

U.S. crude futures CLc1 were also up around half a dollar and 1 percent at $43.10.

Futures traders said prices had been lifted by a weaker dollar overnight .DXY, which potentially spurs demand from fuel importers using other currencies than the greenback, in which crude is traded.

A rush of new investment into crude...