Oil futures edged up on Wednesday to near $40 per barrel as a weaker dollar spurred interest in riskier assets and the International Energy Agency said expectations for a deluge of oil from Iran were misplaced. Brent futures LCOc1 climbed 46 cents to $39.60 a barrel as of 1000 GMT after settling down $1.13 in the previous session. U.S. crude CLc1 rose 61 cents to $38.89 a barrel after ending Tuesday down $1.11. The dollar index .DXY fell, after slipping to an eight-day low in the previous session on dovish comments by U.S. Fed Chair Janet Yellen about possible interest rate rises.
Oil futures rose Tuesday, taking back some of the ground lost the previous session and finding support on signs that Iran crude exports are falling ahead of reimposed sanctions.
Market participants also kept watch as Hurricane Michael headed for the Gulf of Mexico.
Iran exported only 1.1 million barrels a day of crude in the first week of October, Reuters reported, versus 1.6 million barrels a day in September and 2.5 million barrels a day in the spring.
more detail at source: https://www.marketwatch.com/story/oil-boosted-by-signs-iran-crude-exports-falling-hurricane-michael-threat-2018-10-09