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Oil prices up $80

04 March 2010 07:41 (UTC +04:00)

Baku. APA-Economics. A weaker dollar makes oil - which is priced in the US currency - cheaper for buyers in other currencies, BBC-news reported.

US light crude climbed to $80.88 a barrel, up 1.4%. London Brent crude rose 1.3% to $79.22 a barrel.

The oil price rallied despite a bigger-than-expected increase in US crude and gasoline stockpiles, with levels remaining well above average for this time of year.

In its weekly snapshot, the US Energy Information Administration (EIA) said US crude stocks rose by 4.1 million barrels and gasoline stocks were up by 700,000 barrels.

Royal Dutch Shell also said that an explosion damaged an oil flow station in Nigeria, further adding to market jitters.