Oil prices rose today as the dollar hit fresh 15-year lows against the yen after G20 economies agreed to avoid potentially destabilising competitive currency devaluations.
A weaker US currency makes dollar-denominated oil cheaper, perking up demand and leading to higher prices.
New York's main contract, light sweet crude for delivery in December, rose 35 cents to $82.04 a barrel. Brent North Sea crude for December delivery gained 10 cents to $83.06 in London trade.
G20 finance ministers and central bank governors meeting over the weekend in the South Korean city of Gyeongju agreed on a framework to tackle large current account surpluses and reduce global trade imbalances, but shied away from specific targets.
The US Federal Reserve is expected to flood its banking system with money by buying securities as part of efforts to stimulate the economy, a move that would put downward pressure on the dollar.
Analysts also said a hurricane in the Atlantic Ocean is also helping keep prices higher on fears it could threaten crude oil facilities in the US Gulf Coast.
