The Economy
Oil prices back up after last week's dip
Posted: May 9, 2011 10:36 AM by Matt Stafford
Oil prices rebounded Monday, at one point topping $100 a barrel. Investors again saw oil as an attractive investment after last week's plunge.
A weaker U.S. dollar was also a factor. Oil fell 15 percent last week because the dollar gained strength. That made oil, which is priced in dollars, more expensive to holders of foreign currency. Also, traders worried that high prices were cutting into demand.
Monday investors bought euros on hopes that Greece would not leave the Euro Zone. That followed a strong U.S. jobs report Friday.
In early morning trading on the New York Mercantile Exchange, benchmark crude for June delivery was up $2.06, or 2.1 percent, to $99.24 a barrel.
Gasoline prices fell overnight to $3.96 per gallon, reflecting the recent lower oil prices.
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