Oil prices rebound on weaker dollar, production cuts

By Naveen Thukral SINGAPORE (Reuters) - Oil climbed on Tuesday as a weaker U.S. dollar and production cuts announced by OPEC and other producers buoyed the market, but an increase in drilling activity in the United States is likely to keep a lid on prices. Brent crude, the international benchmark for oil prices, rose 30 cents to $55.53 a barrel by 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures added 27 cents to $53.02 a barrel.