Oil prices higher

Singapore
Oil prices edged higher in Asia Tuesday on a weaker dollar but gains were capped by concerns about tepid Chinese demand and OPEC´s decision to maintain its current output levels, analysts said.
US benchmark West Texas Intermediate for July delivery rose 29 cents to $58.43 while Brent crude for July gained 25 cents to $62.94 in afternoon trade. The US dollar edged down to 124.44 yen in Asian trade from 124.47 yen in New York well off the 125.56 yen seen on Friday. A weaker greenback makes dollar-priced oil cheaper for buyers using weaker currencies, boosting demand and pushing global prices higher. However, Singapore´s United Overseas Bank said prices were weighed by “a slump in Chinese demand and worries that OPEC´s decision to pump without restraint could prolong the current supply glut”.
China released data Tuesday showing inflation eased in May, missing expectations and reigniting worries the country could tip into a deflationary spiral.