Oil prices rise towards 76 dollars

15th June 2010, Comments 0 comments

Oil prices climbed on Tuesday to just below 76 dollars as the US currency weakened against the euro, analysts said.

New York's main futures contract, light sweet crude for delivery in July, was up 50 cents at 75.62 dollars a barrel at 1200 GMT.

Brent North Sea crude for July delivery -- which expires later Tuesday -- rose 70 cents to 75.90 dollars.

"Crude oil prices extended recent gains and tested the 76 dollars per barrel area, supported by a weakening US dollar," said Sucden Financial Research analyst Myrto Sokou.

A weaker dollar boosts demand for dollar-priced commodities as they become cheaper for buyers holding rival currencies.

Oil prices had already jumped on Monday as the dollar weakened after data showed an expansion of industrial production in the eurozone, which is battling a budget-deficit crisis.

© 2010 AFP

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