US crude futures rallied to a one-year high of more than $80 a barrel on Tuesday, lifted by a slump in the dollar and a rally in US stock markets to their highest in 12 months.
Strong earnings have boosted US equity markets, with the Dow industrials up another 1% yesterday, beating down the dollar to make a range of commodities more appealing for non-dollar buyers, reported Reuters.
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US crude for November delivery touched $80.05 a barrel in Asia, its highest since 14 October last year, but retreated to $79.80 a barrel by 05.15 GMT, up $0.19 from Monday’s settlement.
London Brent crude rose $0.22 to $77.99 a barrel and earlier hit $78.18.
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