Oil stable as dollar dips

Oil prices steadied on Tuesday, helped by a dip in the dollar, but were on track for their biggest monthly drop since March in the face of a global supply glut. Brent crude for September LCOc1 was 15 cents lower at $56.50 a barrel by 0825 GMT, after settling 45 cents lower on Monday. Brent has fallen in 10 out of the last 12 months, making this its weakest period since 2008. US August crude CLc1, set to expire on Tuesday, fell 15 cents to $50.00 a barrel. The front-month contract fell below $50 a barrel on Monday for the first time since April and is down some $9 a barrel for the month. Last week, the International Energy Agency said it expected global oil demand growth to slow next year to 1.2 million barrels per day (bpd) from 1.4 million this year - far less than needed to balance stubbornly growing supply. A rising dollar makes it more profitable for non-US investors to sell dollar-denominated assets, while higher interest rates tend to sap demand for credit, according to Reuters.