US oil prices end above $50 *
 

New York: US oil prices finished above $50 a barrel for the first time since July on Tuesday as a tightening supply picture and a weaker dollar further boosted the commodity.

US benchmark West Texas Intermediate for July delivery rose 67 cents to $50.36 a barrel on the New York Mercantile Exchange, capping a rally from the low near $25 a barrel in February.

Analysts said ongoing uncertainty about Nigeria´s outlook for petroleum production was strengthening the oil market.

Nigeria´s government and military chiefs met gover**rs of oil-producing states after an**uncing it planned peace talks with militants who have repeatedly attacked pipelines and installations, slashing output.

Attacks have cut output to 1.6 million barrels per day, well below the budgeted-for 2.2 million barrels per day, heaping further pressure on an eco**my badly hit by the global fall in the price of crude since mid-2014.

Analysts said oil was also boosted by a dip in the dollar against major currencies after Federal Reserve Chair Janet Yellen on Monday emphasized that interest rate increases would be gradual after Friday´s very weak jobs report. A weak dollar can boost demand for crude, which is sold on global markets in the US currency.

"A good portion of what we´re seeing during the last couple of days is a reaction to the anticipation the Fed will **t change its interest rates and that´s leading to a weaker dollar," said James Williams of WTRG Eco**mics.

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