Oil consolidated above $82 a barrel today after gains approaching 3 per cent in the previous session, as a weaker dollar and optimism about the global recovery kept prices close to their highest level this month.
US crude for May delivery rose 2 cents to $82.19 a barrel earlier this morning, while Brent crude slipped 3 cents to $81.14 in London.
Prices have traded in a range between $69 and $84 this quarter, touching $82.78 on yesterday. Prices hit $83.95 a barrel in January, the highest since October 2008 at the peak of the financial crisis.
A falling dollar has boosted commodities this week as they become cheaper for other currency holders. The euro has rebounded by almost 3 cents against the greenback since touching a 10-month low on Friday after Greece was able to sell government debt.
US crude inventories probably climbed by 2.6 million barrels last week, posting their ninth consecutive weekly increase, a Reuters poll showed on yesterday.