Oil climbs above $115 a barrel

By Seng Li Peng

SINGAPORE (Reuters) - Oil prices edged up to above $115 a barrel on Wednesday, as a lower U.S. dollar rekindled buying in oil and other commodities.

U.S. crude rose half a percent or 56 cents to $115.09 a barrel, while London Brent crude climbed 45 cents to $113.70 a barrel at 4:23 a.m. British time.

"There could be further upside, but it will not be that much because of the poor economic outlook (in the West)," said Gerard Rigby of Fuel First Consulting in Sydney.

The dollar struggled to extend its gains against the euro, which fell to a six-month low on Tuesday, as traders look beyond evidence of a euro zone growth slowdown for any signs the European Central Bank would consider cutting interest rates.

An index that measures the dollar's performance against a basket of six major currencies was nearly flat at 76.745, slipping from a new high for the year of 77.413 .DXY hit on Tuesday.

Eyes were also on the upcoming weekly oil products data to be released by the Energy Information Administration later on Wednesday in the U.S..

The market expects a drawdown in gasoline stocks for the fourth-straight week as U.S. imports fall, a Reuters poll showed.

On average, the poll called for a 900,000 barrel increase in crude stocks, recovering from a larger-than-expected drawdown the week before, while gasoline stocks were forecast to show a 3 million barrel drawdown.