NEW YORK (CNNMoney.com) -- Oil rose to near $84 a barrel Monday as the dollar weakened and winter weather stoked demand for heating fuels.
What prices are doing: Crude oil for February delivery was up $1.13 at $83.88 a barrel after climbing to a high of $83.95 earlier in the session.
Oil prices are now trading at their highest levels since October 2008.
What's moving prices: The dollar fell against rival currencies, boosting demand for commodities that are priced in the U.S. currency.
The dollar was down about 1% versus both the euro and the pound. It lost 0.4% against the Japanese yen.
Oil has moved steadily higher over the last two weeks as frigid temperatures in North America and Europe have increased demand for heating fuels. In the United States, record cold was seen all the way into southern Florida, where temperatures were in the 30s early Monday.
Prices were also higher as investors gravitated towards more risky assets. Equity markets in Europe and Asia were higher, while U.S. stock futures were indicating a strong opening when trading begins in New York.
What analysts are saying: "While we think that energy markets may remain buoyed this week, we're not all that bullish in the near term," Tom Pawlicki, a commodities analyst at MF Global in Chicago, wrote in a research report.
"Global demand outside of China remains weak, and U.S. inventories should begin building fairly soon," he said. Given such a weak fundamental outlook, the market may not be able to push above $85 a barrel, Pawlicki added.
