World oil prices shot higher this afternoon as the US dollar fell and the market tracked the outlook for crude demand. US crude was up $2.43 at $76.56 a barrel, while Brent crude rocketed $2.72 to $75.23.
In foreign exchange trading today, the euro recouped some of its recent losses against the dollar. A weaker dollar makes crude priced in the US currency cheaper for buyers using other currencies, boosting demand.
Oil has been falling recently due to a falling euro and China's latest bid to cool down its booming economy. China is the world's second biggest oil consuming nation after the US.
