Oil up ahead of OPEC meeting

Oil prices rose on Tuesday in response to a weaker dollar and expectations that OPEC producers will maintain their group production target at its current level and resist pressure for an increase. The dollar fell against the euro and a basket of currencies, making oil cheaper for consumers in Europe and also for holders of other currencies. Brent crude oil for July was up 40 cents at $65.28 a barrel by 1030 GMT. US crude was up 60 cents at $60.80 a barrel. Ministers from the Organisation of the Petroleum Exporting Countries (OPEC), responsible for more than a third of the world's oil output, meet in Vienna on Friday to decide on production policy for the next six months. Saudi Arabia's oil minister, Ali al-Naimi, has said he expects oil demand to increase in the second half of this year while supply decreases, in a sign that the kingdom's strategy of defending market share was working, according to Reuters.