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 Oil prices rose to above $80 a barrel Wednesday, helped by the weaker dollar and a report pointing to a drop in U.S. crude supplies.
By mid-afternoon in Europe, benchmark crude for December delivery was up 75 cents to $80.35 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.47 to settle at $79.60 on Tuesday.
U.S. oil inventories dropped last week, the American Petroleum Institute said late Tuesday. Crude stocks were seen falling 3.3 million barrels while analysts had expected a rise of 1.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
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