(RTTNews) - The price of crude oil has held firm above $80 a barrel Monday, supported by an ongoing strike in French oil company Total SA and lingering concerns over Iran's nuclear program.
Crude oil for delivery in April added $0.22 to $80.28 per barrel in the New York Mercantile Exchange, extending the previous week's sharp gains.
Recent reports indicating a faster economic recovery in the US have propelled oil prices to their highest level in more than a month. Soft inflation figures from the US Labor Department Friday encouraged traders to bet the Fed may not effect an immediate increase its benchmark interest rate.
Meanwhile, the US Dollar eased slightly from a nine-month high versus the euro.
The market awaits inventory data to set the tone for the week. Last week's inventory update from the EIA had revealed an increase of 3.1 million in US crude stockpiles.
