AP: Oil hovers above US$82 in Europe, clinging to gains as stock markets climb, dollar weakens
UNDATED (AP) - Oil prices have stayed above US$82 a barrel, clinging to gains from the previous day fueled by a U.S. dollar drop and surging equity markets.
By early afternoon in Europe, benchmark crude for May delivery was up 17 cents to US$82.34 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it peaked at US$82.74.
On Tuesday, the contract jumped US$2.17 to settle at US$82.17.
Crude prices have been buoyed by a yearlong rally of global stock markets. Oil traders often look to equity markets as a measure of overall investor sentiment.
The Dow Jones industrial average rose 0.4 percent Monday to its highest level since September 2008, and most Asian and European indexes rose slightly Tuesday.
