NEW YORK (CNNMoney.com) -- Oil prices rose Friday after the government's retail sales report came in stronger than expected, and as a weaker doller helped boost optimism for stronger demand.
What prices are doing: Crude for April delivery jumped 30 cents to $82.41 a barrel.
What's moving the market: The Commerce Department said total retail sales edged up 0.3% in February, better than the 0.2% decline economist surveyed by Briefing.com had expected.
The report helped renew optimism about the economy that was the main driving force.
"General economic optimism seems to be a factor early this morning," said Peter Beutel, president of Cameron Hanover, an energy risk management firm.
Meanwhile, a weaker dollar was also lending support. Because oil is priced in dollars, a weaker dollar makes it cheaper for foreigners to buy the commodity.
The dollar index (DXY), which measures the greenback against a basket of other currencies, was down 0.50% to 79.92.
What analysts are saying: Oil prices are trading within a narrow range, but is expected to go higher in the coming months.
Barring any surprises in economic news, many analysts expect oil to break a ceiling of about $85 a barrel as early as May.
Analysts are now looking ahead to next week's semi-annual OPEC meeting and the rollover of oil contracts. Prices are expected to dip slightly, ahead of the new May contacts, before continuing the current rally.
