Oil Rises as Dollar Weakens
- Category:
- Published on Thursday, April 21, 2011 13:09
- Written by Associated Press
NEW YORK - Oil rose slightly on Thursday, as the dollar weakened and gas pump prices inched higher.
Benchmark West Texas Intermediate crude rose 17 cents to $111.62 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude gave up 40 cents at $123.45 per barrel.
The dollar dropped to a 16-month low against the euro. Since oil is priced in dollars, it becomes more attractive to buyers holding foreign currency as the dollar gets weaker.
The national average for a gallon of regular gas was $3.84 on Thursday, up a fraction of a cent from Wednesday. It's about 30 cents higher than a month ago.
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