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| Oil price reaches six-week high | Oil price reaches six-week high |
| (about 3 hours later) | |
| The price of oil has risen to a six-week high as reports of a rescue for debt-laden Greece lifted the euro and helped push the US dollar lower. | The price of oil has risen to a six-week high as reports of a rescue for debt-laden Greece lifted the euro and helped push the US dollar lower. |
| A weaker dollar makes oil cheaper for buyers in other currencies. The euro rose 0.3% to $1.3611 in Monday trading. | |
| It had fallen to a nine-month low of $1.3477 on Friday after the US Federal Reserve lifted a key interest rate. | It had fallen to a nine-month low of $1.3477 on Friday after the US Federal Reserve lifted a key interest rate. |
| US light, sweet crude oil rose 66 cents to $80.47 a barrel at one point, before falling back to $80.23, up 42 cents. | |
| London Brent climbed 48 cents to $78.67 a barrel. | |
| 'Propping up sentiments' | |
| German magazine Der Spiegel reported over the weekend that Germany's finance ministry had come up with a plan that would see countries that use the euro providing aid worth between 20bn and 25bn euros (£17.6bn-£22bn) for Greece. | German magazine Der Spiegel reported over the weekend that Germany's finance ministry had come up with a plan that would see countries that use the euro providing aid worth between 20bn and 25bn euros (£17.6bn-£22bn) for Greece. |
| "The weak dollar is the biggest driver of crude prices this morning and hopes of a financial rescue for Greece are propping up sentiments," said Clarence Chu, a trader with Hudson Capital Energy in Singapore. | "The weak dollar is the biggest driver of crude prices this morning and hopes of a financial rescue for Greece are propping up sentiments," said Clarence Chu, a trader with Hudson Capital Energy in Singapore. |
| Oil analysts said prices were also being lifted by figures showing an increase in oil refining in China, and the continuing strike by Total refinery workers in France. | |
| The China and Petroleum and Chemical Industry Association said China processed 30.14 million tonnes of crude oil in January, 29% higher than a year earlier. | |
| Meanwhile, talks to end the strike at Total's six French oil refineries ended without success on Sunday. | |
| The Total workers have been on strike for more than a month, in protest at the possible closure of the firm's refinery in Dunkirk on the English Channel coast. | |
| Continuing signs of economic growth in the US - the world's largest oil consumer - are also lifting global oil prices. |