Oil climbs above $72 in Asia
SINGAPORE: Oil prices rose above $72 a barrel Thursday in Asia amid a slumping U.S. dollar and steady OPEC production levels.
Benchmark crude for October delivery was up 85 cents at $72.16 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract rose 21 cents to settle at $71.31.
Crude has jumped from $68 a barrel in two days as the dollar weakened to its lowest level this year. Because crude is priced in the U.S. currency, it becomes cheaper when the dollar falls.
The euro rose Thursday in Asian trading to $1.4577 from $1.4557the day before and $1.4488 on Tuesday. The dollar was steady near 92yen.
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