Oil prices bounced back from seven-month lows this evening as the euro strengthened against the dollar.
US crude rallied $1.20 to $71.28 a barrel, while London's Brent gained 29 cents to $75.39.
Prices have fallen sharply since touching 19-month highs of above $87 on May 3 as mounting concerns over the euro zone debt crisis sent the euro slumping to a four-year low against the dollar.
A stronger US currency makes dollar-priced crude more expensive for buyers using weaker currencies, denting demand, which leads to lower oil prices. But prices rose today as the euro recovered some lost ground.
