Oil extends rise on eve of OPEC meeting

Oil prices rose on Tuesday following recent heavy losses, as traders capitalised on a weakening US dollar, analysts said.Brent North Sea crude for delivery in January jumped 50 cents to 76.93 dollars a barrel in London trade.New York's main futures contract, light sweet crude for January delivery, rose 33 cents to 74.26 dollars a barrel.The dollar fell against the euro and yen on Tuesday, boosting crude oil prices. A weaker US currency makes dollar-priced crude more attractive for buyers using better-performing currencies.

World oil prices weakened on Monday as traders turned their attention towards this week's crucial output meeting of the OPEC oil cartel.New York's main contract, light sweet crude for April delivery, fell 34 cents to 80.90 dollars a barrel.London's Brent North Sea crude for April retreated 41 cents to 78.98 dollars per barrel."Macroeconomic data is relatively scarce this week and we expect renewed focus on fundamentals (of supply and demand), also with OPEC's scheduled meeting on Wednesday," said VTB Capital analyst Andrey Kryuchenkov.

World oil prices slipped on Monday, after heavy losses last week, as traders eyed the stronger dollar amid ongoing jitters about the economic impact of the eurozone debt crisis, analysts said.New York's main contract, light sweet crude for delivery in July, fell 22 cents to 69.82 dollars a barrel in late morning trade.London's Brent North Sea crude for July dropped 55 cents to 71.13 dollars per barrel.The euro meanwhile dipped to 1.2414 dollars on Monday, as the eurozone crisis cast a shadow over the outlook of the shared European currency.

Oil prices rebounded on Friday ahead of key jobs data in the United States, the world's biggest energy consuming nation.New York's main contract, light sweet crude for delivery in April, gained 46 cents to 80.67 dollars a barrel.London's Brent North Sea crude for April was up 49 cents to 79.03 dollars.

World oil prices steadied on Thursday, after recent gains on the back of improving demand and strong company results in the United States, the world's biggest energy user, analysts said.New York's main contract, light sweet crude for delivery in May, slid by just five cents to 85.79 dollars a barrel.London Brent North Sea crude for May gained 16 cents to 86.31 dollars per barrel.Crude futures had rebounded sharply on Wednesday after five successive sessions of decline, amid an unexpected drop in crude stockpiles in the United States.

Crude oil prices rebounded Monday on optimism that US data this week will show the world's biggest economy is extending its steady recovery, analysts said.New York's main contract, light sweet crude for delivery in May, climbed 68 cents to 80.68 dollars a barrel.London's Brent North Sea crude for May rose 65 cents to 79.94 dollars per barrel."The New York oil price is holding up above the mark of 80 dollars," said Commerzbank analyst Carsten Fritsch in a note to clients.

Oil prices advanced above 72 dollars to reverse earlier losses in Asian trade Thursday as the euro rebounded against the dollar and the yen while stock markets rose, analysts said. New York's main contract, light sweet crude for delivery in July added 87 cents to 72.38 dollars a barrel while London's Brent North Sea crude for July gained 54 cents to 72.28 dollars.The euro's gains helped ease some of the market caution that pushed prices down in earlier trade following a rally on Wednesday.

World oil prices rebounded on Thursday after steep declines overnight on the back of the strong dollar, a mixed US energy stockpiles report and stubborn concerns about China, traders said.New York's main futures contract, light sweet crude for delivery in March, won 50 cents to 74.17 dollars a barrel.London's Brent North Sea crude for March delivery added 55 cents to 72.79 dollars per barrel.Crude futures tumbled Wednesday amid mixed official US petroleum stockpile data that stirred concerns about weak demand in the world's largest economy.