Oil Prices Rise on Weaker Dollar

New York, NY, May 31, 2011 -- Oil prices rose above $102 a barrel Tuesday the U.S. dollar weakened and traders worried about turmoil in Libya and the Middle East.

By early afternoon in Europe, benchmark oil for July delivery was up $1.81 to $102.40 a barrel in electronic trading on the New York Mercantile Exchange.

Crude has risen from $96 last week amid a depreciating U.S. currency.