Oil higher as dollar stays weak

Oil was higher in Asian trade today as investors bought into commodities including crude on the back of a weak dollar, analysts said.
 
New York's main contract, light sweet crude for December delivery put on 71 cents to US$ 77.06 a barrel.
 
Brent North Sea crude for January delivery gained 55 cents to US$ 76.86.
 
"The US dollar has been relatively soft this morning and I think that has been the main reason why we are seeing oil prices recovering a little bit," said David Moore, a Sydney-based commodities analyst with the Commonwealth Bank of Australia.
 
A weak greenback usually translates into higher crude prices because holders of stronger foreign currencies find it cheaper to buy dollar-priced commodities including crude.
 
The dollar remained weak against the euro in Asia trade today, trading at 1.4949 to the European unit compared with 1.4911 in late US trading Friday.
 
Analysts said this week's release of US retail sales and industrial production data for October in the world's biggest economy would be closely watched by traders.
 
"The US economic data will be important for the direction of oil prices," said Moore.
 
The United States is the world's biggest energy user and a firm rebound in its economy is seen as crucial to lifting oil demand which has declined since the onset of the global slump.