Oil prices snapped a four-day losing streak on Monday as a rally in the equity market and a falling dollar supported the energy commodities.
The U.S. stocks extended the September rally on Monday after gaining for three consecutive weeks. Three major indexes closed at the highest level in about four months. The Standard & Poor 500 broke the key technical level of 1,131, the high end of its recent trading range.
The dollar weakened against the euro on Monday, which also helped push up the oil prices. Usually a falling greenback enhances energy commodities' appeal as an alternative investment.
Light, sweet crude for October delivery rose 1.20 dollars to settle at 74.86 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for November delivery rose 1.13 dollars to 79.34 dollars a barrel on the International Futures Exchange in London.
The U.S. stocks extended the September rally on Monday after gaining for three consecutive weeks. Three major indexes closed at the highest level in about four months. The Standard & Poor 500 broke the key technical level of 1,131, the high end of its recent trading range.
The dollar weakened against the euro on Monday, which also helped push up the oil prices. Usually a falling greenback enhances energy commodities' appeal as an alternative investment.
Light, sweet crude for October delivery rose 1.20 dollars to settle at 74.86 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for November delivery rose 1.13 dollars to 79.34 dollars a barrel on the International Futures Exchange in London.
