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| Edited By: |Source: PTI |Updated: Mar 30, 2018, 03:34 AM IST
Oil prices rose in Asian trade today as traders took advantage of a weakening dollar to snap up crude futures, analysts said.
New York's main contract, light sweet crude for delivery in November, gained 38 cents to $82.05 a barrel.
Brent North Sea crude for November delivery advanced 25 cents to $83.75.
A falling US currency was enticing traders to buy dollar-priced crude, said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.
"I think that crude oil will continue to take its cue from the US dollar and further dollar weakness will be beneficial for crude oil," she said.
A slump in the greenback's value makes dollar-priced crude more attractive to buyers using other currencies.
The euro bought $1.3960 in early Asian trade, gaining from $1.3876 late yesterday in New York.
World oil prices had slid yesterday, ahead of a meeting of the OPEC production cartel this week, after dominant player Saudi Arabia expressed happiness with current price levels.
Ong said she was confident oil prices would be well-supported at current levels after breaking past $80 last week.
"As long as it maintains at this level, I'm a bit bullish on crude," she said.
