Oil Climbs above $78

25 February 2010 (Last Updated February 25th, 2010 18:30)

Oil prices rose above $78 a barrel today aided by a weaker dollar after falling for more than 2% yesterday. For April delivery, US crude increased 30 cents to $78.47 a barrel at 06.05GMT, while Brent crude rose 33 cents to $76.62 a barrel, according to Reuters. A weaker dollar

Oil prices rose above $78 a barrel today aided by a weaker dollar after falling for more than 2% yesterday.

For April delivery, US crude increased 30 cents to $78.47 a barrel at 06.05GMT, while Brent crude rose 33 cents to $76.62 a barrel, according to Reuters.

A weaker dollar makes oil and other commodities more affordable for holders of other currencies.

Oil markets have looked to the broader economy for signs of a rebound since the recession pulled down prices from over $147 a barrel in July 2008 to below $40 in December of the same year.