The price of the oil rose more than $3 on Thursday after OPEC's decision to keep its output unchanged and as a weaker dollar pushed up commodities.
Oil futures trading on the New York Mercantile Exchange rose $2.74, to settle at $90.23 per barrel. Earlier, oil had dipped as low as $85.82. London Brent went up $1.31 to $90.09 per barrel.
A weaker dollar also contributed to crude's rise as the Euro strengthened following comments by the chief of the European Central Bank who pointed out upward pressure on inflation, leading observer to speculate that the bank could raise interest rates.
Oil supplies meanwhile, fell 7.91 million barrels to 305.2 barrels last week, the Energy Department said yesterday.