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Oil price reaches six-week high as dollar weakens

The price of oil has risen to a six-week high as reports of a rescue for debt-laden Greece lifted the euro and helped push the US dollar lower.

A weaker dollar makes oil cheaper for buyers in other currencies. The euro rose 0.3% to $1.3611 in Monday trading.

It had fallen to a nine-month low of $1.3477 on Friday after the US Federal Reserve lifted a key interest rate.

US light, sweet crude oil rose 66 cents to $80.47 a barrel at one point, before falling back to $80.23, up 42 cents.

London Brent climbed 48 cents to $78.67 a barrel.

BBC

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Forex Rates
Interest Rates

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February
10
Today’s Global
Market Events
8:30 am

CAD
Trade Balance
0.7B vs. 1.1B
USD
Trade Balance
-48.1B vs. -47.8B
9:55 am

USD
Prelim UoM Consumer Sentiment
74.4 vs. 75.0
USD
Prelim UoM Inflation Expectations
3.3%
12:30 pm

USD
Fed Chairman Bernanke Speaks
12:50 pm

USD
FOMC Member Pianalto Speaks
2:00 pm

USD
Federal Budget Balance
-58.5B vs. -86.0B