Brent oil steadies around $86 as weak dollar offsets data

 

Brent crude oil steadied around $86 a barrel on Tuesday, as a rally in European equities and a fall in the dollar offset weak U.S. data.

U.S. durable goods orders in September fell by 1.3 percent, the country's Commerce Department said, a day after a survey showed the U.S. services sector expanding at the slowest rate since April.

The data pointed to slowing oil demand, but also helped to drive down the U.S. dollar, supporting oil prices. A weaker dollar helps global consumers buy dollar-denominated commodities such as oil.

Oil gained further support from strength in European stock markets. A number of blue-chip companies posted better-than-expected results, alluding to recovering growth in the continent's energy demand.