"It looks like crude is trying to stabilize out here in the...

"It looks like crude is trying to stabilize out here in the mid-$40 level, thanks to the weaker dollar," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York.


Benchmark Brent's front-month contract rose $1.06 to $49.22 barrel by 12:31 p.m. EDT (1731 GMT). U.S. crude gained $1.08 to $46.23.


Traders said some bears appeared to be getting out of some of their short positions in U.S. crude with the market persistently staying above the $45 level in recent sessions.


"I think there's some short-covering going on, with WTI likely to break nearer to the $50 upside in the near-term," Dominick Chirichella, senior partner at Energy Management Institute in New York said, referring to U.S. futures. "

http://www.thefiscaltimes.com/lates...prices-may-have-bottomed#sthash.OhmKxy09.dpuf