The US dollar has retreated from Monday's peak as investors look ahead to jobs data this week that Federal Reserve Vice Chair Stanley Fischer has said will be important to whether the US central bank raises interest rates soon.
A weaker dollar makes oil purchases cheaper for buyers using other currencies, potentially spurring demand.
Yet doubts of agreement in talks on an output freeze among members of the Organization of the Petroleum Exporting Countries (OPEC) continue to weigh on prices.
"There's a feeling that the OPEC production freeze talks might result in something positive, but it's just talk," said Robert Nunan, risk management director at Mitsubishi Corporation.
Yet doubts of agreement in talks on an output freeze among members of the Organization of the Petroleum Exporting Countries (OPEC) continue to weigh on prices.
"There's a feeling that the OPEC production freeze talks might result in something positive, but it's just talk," said Robert Nunan, risk management director at Mitsubishi Corporation.
Brent crude futures were trading at $49.28 per barrel at 0640 GMT, up 2 cents from their previous close.