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Oil rose in the Asian trade today as a weakened dollar spurred investors' interest in dollar-priced commodities including crude, analysts said.
New York’s main contract, light sweet crude for July delivery, gained 35 cents to $100.94 a barrel and Brent North Sea crude for July delivery was up 58 cents at $115.26.
“The euro has hit a three-week high (Tuesday) on optimism and hope that Greece can get a second bailout,” said Ms Ong Yi Ling, a commodity analyst for Phillip Futures in Singapore.
“This optimism caused the euro to rebound and the dollar to weaken, leading to higher prices in the Asian trade,” she added.
The euro fetched $1.4371 in the early Asian trade, up from $1.4264 late yesterday.
A weaker dollar makes dollar-priced commodities such as crude futures cheaper for investors holding other currencies.
Traders are looking to US markets for leads when they reopen on Tuesday. Markets in the US, the world’s biggest oil consumer, were closed on Monday for Memorial Day holiday.
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