Oil settles near 82 dollars on Fed, dollar

08:13, March 17, 2010      

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Oil prices gained more than two percent on Tuesday on a weaker dollar and Federal Reserve's decision to leave rates at low levels.

The dollar weakened against the euro on Tuesday, propping up oil prices. Usually a falling green back increases appeal of crude commodities as an alternative investment.

Also boosting oil was Fed's announcement that it will keep key interest rates at low levels for "an extended period." A low-rate environment can often prompts investors' appetite for riskier investment in oil and other commodities as they seek higher returns.

Light, sweet crude for April delivery rose 1.9 U.S. dollars to settle at 81.70 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for April settlement gained 1.13 dollar to 79.02 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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