Crude prices rose towards $75 a barrel today on predictions of stable US crude stockpiles, triggered by a strong dollar.

The position of the US dollar stregthened after Australia’s central bank decided not to change its interest rates, which resulted in a fall in the value of the Australian dollar.

For March delivery, US crude increased by 32¢ to $74.75 a barrel at 5:40am GMT, while London ICE Brent increased by 22¢ to $73.33 a barrel, according to Reuters.

Oil prices earlier reached $75.44 a barrel, which represented a $3 recovery compared with last week’s lows.