U.S. crude oil futures rose more than $1 a barrel on Monday as the dollar eased against a basket of currencies and as stock markets rose on hopes for a swift end to the conflict in Libya.
The benchmark September U.S. crude contract rose to a high of $83.36, up $1.10 per barrel, before slipping back to trade at around $83.00 by 6:39 a.m. EDT.
It is just the fact that the dollar is weaker, said Michael Hewson, analyst at CMC Markets in London.
Brent crude futures remained sharply lower, down $1.50 at $107.12, depressed by expectations that Libyan oil exports might resume soon. Dealers said the Brent contract was much more exposed to supply and demand fluctuations in the international oil market than its U.S. counterpart.
(Reporting by Christopher Johnson; editing by Jason Neely)