Oil rises as dollar weakens

August 19, 2011 - 10:55 AM

Oil is rising again as investors assess the global economy and the dollar weakens.

Benchmark West Texas Intermediate crude rose 43 cents to $82.81 per barrel in morning trading on the New York Mercantile Exchange after falling below $80 per barrel earlier. In London, Brent crude rose $1.51 to $108.50 per barrel on the ICE Futures exchange.

The dollar fell against the euro and other major currencies. That helped boost oil prices, since oil is priced in dollars and becomes more attractive to buyers with foreign currency as the dollars falls.

The national average for gasoline was unchanged at $3.585 a gallon on Friday. AAA says that's about 10 cents less than a month ago.