Oil prices rise amid a weakening US dollar despite easing of supply concerns

Oil on the Nymex rose to US$97.2 in Asia while Brent crude inched up to US$115.9 on the ICE Futures exchange in London. Oil prices were propped up by a weakening dollar, despite easing of supply concerns as refinery operations in the Gulf of Mexico resumed in the aftermath of Hurricane Isaac. The euro has strengthened vs the dollar (above $1.26) on hopes that the European Central Bank will play a more crucial role in resolving the continent's debt crisis.
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