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Oil rose, receiving support from a weaker dollar. Previously, щil traded near the lowest closing level in two days in New York before data that may show inventories rose to an 11-month high in the U.S., the world’s biggest consumer of the commodity.

Futures for June settlement were little changed, having slipped as much as 0.3 percent. U.S. stockpiles increased 2.65 million barrels last week to 371.7 million, according to the median estimate of analysts before a government report tomorrow. The U.S. may still tap strategic reserves to limit price gains stoked by tension with Iran, with a release probably before a European Union embargo starts on July 1, Societe Generale SA said.

A decision to tap the reserves is “pretty likely” when the EU embargo starts, Seth Kleinman, a Citigroup Inc. analyst in London, said on a conference call yesterday. The Persian Gulf nation has threatened to shut the Strait of Hormuz, a transit route for a fifth of the world’s oil, in retaliation against sanctions.

Iran can compensate for lost EU markets by redirecting oil supplies to Asia if the bloc implements its ban, Deputy Foreign Minister Abbas Araqchi said yesterday in Astana, Kazakhstan.

Oil for June delivery fell to $102.79 a barrel and then rose to $104.10 a barrel on the New York Mercantile Exchange. Brent crude for June settlement on the London-based ICE Futures Europe exchange dropped as much as 56 cents to $118.15 a barrel.