U.S. crude closed up $3.48, at $53.05 per barrel, its highest settlement this year.

This is a breaking news story.

Oil rallied for a third straight day on Tuesday as bulls convinced the market had hit bottom after a seven-month rout pounced on a weak dollar and cuts in oil firms' spending plans despite signs crude stocks were rising without let up.

Crude prices have gained about 15 percent since the market was jolted by news on Friday that the number of U.S. oil drilling rigs had fallen their most in a week in nearly 30 years after the 60 percent selloff that began last summer.

The dollar dropped to a more than one-week low against a basket of currencies on Tuesday, making dollar-priced commodities a more attractive buy.

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