Oil rallies over $1/bbl to near 8-week high on weaker US dollar

08 March 2010 10:07  [Source: ICIS news]

LONDON (ICIS news)--April crude gained more than $1/bbl on Monday in tandem with rises on global stock markets.

The front-month April contract edged towards $81/bbl as the result of a weaker US dollar and signs of an economic recovery in the US, the world’s largest oil consumer.

By 09:30 GMT, April Brent crude on London's ICE futures exchange was trading around $80.72/bbl, having hit a high of $80.92/bbl, which was a gain of $1.03/bbl from the previous close.

At the same time, April NYMEX crude touched a high of $82.41/bbl, a gain of $0.91/bbl from the previous close of $81.50/bbl, and the highest since it reached $83.95 on 11 January.

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