Oil Climbs Back Near $83

New York, NY, Oct. 25, 2010--Oil prices jumped to near $83 a barrel Monday in Asia.

Benchmark oil for December delivery was up $1.08 to $82.77 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Finance ministers and central bank governors from the Group of 20 major advanced and emerging nations pledged Saturday to not aggressively devalue their currencies in a bid to keep their exports competitive.

Investors were interpreting the outcome of the G-20 meeting as a sign that policymakers will tolerate a weaker dollar without seeking to retaliate.