Crude oil prices rose on Wednesday as the dollar trimmed gains and a speech by US President Donald Trump offered little on plans by his administration to boost US oil production.

The market is being underpinned by Opec's production cuts while rising US shale oil output is keeping a lid on prices.

"With oil you are going to see prices move higher into London session just because no news is good news. If Trump had announced de-regulations of some of the environment protections to make it easier to pump more oil, that might have put pressure on WTI," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Current Crude Oil exchange rate is 53.99.

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