World oil prices rose this evening, boosted by the weak dollar, rising equities, upbeat economic data and hopes that the Federal Reserve may take steps to boost the US economy this week.
New York's main contract, light sweet crude for delivery in September, gained 44 cents to $81.14 a barrel. Brent North Sea crude for September advanced 53 cents to $80.69 in late London trade.
Investors were looking ahead to tomorrow evening's Federal Open Market Committee meeting amid speculation that Fed chairman Ben Bernanke may hint at fresh steps to lift the US economy after last week's weak employment data.
The Fed is expected to keep interest rates at historic lows but analysts will be looking for any hint of a return to stimulus spending. After planning to reel in such measures, figures showed the US economy lost 131,000 jobs in July, much worse than expected and putting the Fed's policies back in the spotlight.
The news sent oil prices tumbling on Friday as traders fretted over the demand outlook in the world's biggest energy consuming nation.
The Fed battled the global financial crisis by spending more than $1 trillion, buying up Treasury bonds, mortgage-backed securities and other financial instruments to boost liquidity and demand.
