Crude prices rise on weaker U.S. dollar

Crude prices rose on Monday as the euro continued to rebound against the U.S. dollar.

The euro rose to as high as 1.23 U.S. dollars in the New York markets before Moody's downgrading on Greece's credit rating.

Oil prices were also boosted by the equity market. Wall Street rose in the morning as traders believed that the global economic recovery will continue.

Light, sweet crude for July delivery rose 1.34 dollars to settle at 75.12 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude gained 85 cents to settle at 75.20 dollars a barrel on the ICE futures exchange.

Source: Xinhua