Oil jumps 2 percent on dollar, awaits OPEC, Fed

Oil rose more than 2 percent to near $82 a barrel on Tuesday as the dollar weakened and the market awaited OPEC's meeting and expected monetary policy moves from the world's top two oil consumers, the United States and China.

The dollar fell against the euro and a basket of currencies on Tuesday on expectations the Federal Reserve would repeat a pledge to keep interest rates very low for a long time, encouraging investors to buy riskier assets at the expense of the greenback.

A dip in the dollar makes it cheaper for non-dollar buyers.

U.S. crude prices for April rose $2.01 to $81.81 a barrel by 11:07 EDT. ICE Brent futures rose $1.74 to $79.63 a barrel.

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- Posted: 2010-03-16 11:00:10

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