Oil up 3 pct; covering support stops slide to 11-year low

Oil rose 3 percent on Tuesday as short-covering and technical support halted its slide to 11-year lows, but traders said the market remained fundamentally weak from oversupply and could be hit by a dollar rally ahead of an expected U.S. interest rate hike. Brent and U.S. crude's West Texas Intermediate futures rose more than $1 a barrel, up for the second straight day after oil bears failed to push prices below a seven-year trough. "People are buying on the dips," said Jeffrey Grossman, crude de