Oil price rises above US$97 a barrel as euro gains against the greenback

NEW YORK, N.Y. – The price of oil rose more than US$1 a barrel Monday as the euro strengthened against the American dollar.

The euro rose to $1.3415 against the dollar from $1.3363 late Friday in New York.

A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper — and a more enticing investment — for traders using currencies other than the greenback.

Benchmark West Texas Intermediate crude gained $1.31 to finish at US$97.03 a barrel on the New York Mercantile Exchange.

In London, Brent crude, used to price international varieties of oil, fell 77 cents to end at US$118.13 a barrel on the ICE Futures exchange.

In other energy futures trading on the Nymex: wholesale gasoline fell four cents to finish at US$3.02 a U.S. gallon (3.79 litres), heating oil gave up less than a penny to finish at US$3.23 a gallon and natural gas rose less than a cent to end at US$3.28 per 1,000 cubic feet.