Oil prices rose slightly today after sharp gains a day earlier caused by weakness of the dollar and renewed tensions between crude-producing Iran and the West.
New York's main futures contract, light sweet crude for delivery in March, was up 15 cents at $77.16 a barrel, while Brent North Sea crude for April delivery climbed 28 cents to $75.96 a barrel.
Crude futures rocketed over $3 yesterday as the euro recouped some of its recent losses against the dollar after European Union finance ministers put pressure on Greece to tackle its massive debt problems.
A weaker greenback makes dollar-priced crude cheaper for buyers using stronger currencies, boosting demand. The crude market had also rallied over oil-rich Iran's nuclear drive, traders said.
Iran recently began enriching uranium to 20% purity, which Washington and other capitals said added to evidence that the Islamic Republic is seeking to build a nuclear weapon.
Tehran denies the charge, insisting its goal is peaceful nuclear energy and research. Foreign exchange activity and Iran remained the focus in the absence of key US inventory data.
The weekly figures, usually published by the US government on Wednesdays, has been delayed by one day after the public holiday in the US at the start of this week.
