Crude prices rebound as U.S. dollar dips

08:28, March 23, 2010      

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Crude prices rebounded on Monday as the U.S. dollar weakened slightly against foreign currencies.

The U.S. dollar weakened slightly against a basket of foreign currencies on after it reached 10-month-high against the euro earlier Monday.

Oil prices were also lifted after data showed manufacturing activity in the New York region continued to recover at a solid pace in March.

The New York Federal Reserve Bank said its manufacturing index slipped to 22.9 in March from 24.9 in February. However, the new orders index jumped 17 points to 25.4 while inventories climbed above zero for the first time since August 2008. What's more, the index for the number of employees rose to its highest level in more than two years.

Light crude for April delivery, which expired on Monday, rose 57 cents to settle at 81.25 dollars a barrel. In London, Brent crude for May delivery rose 66 cents a barrel to 80.54 dollars a barrel.

Source:Xinhua
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