Oil continued to firm in Asian trade today with investor sentiment underpinned by a drop in US crude stocks and a weak greenback, analysts said.
New York's main contract, light sweet crude for October delivery was 20 cents higher at $72.14 a barrel.
Brent North Sea crude for October delivery gained 19 cents to $70.05 a barrel.
The under-performing greenback, which fell to a new 2009 low against the euro yesterday, drove investors to dollar-priced commodities including oil which becomes cheaper for holders of other currencies.
"Investors' increased appetite for risk has clearly taken its toll on the dollar since the spring," said analysts from London-based Capital Economics Consultancy.
"This week it touched a new low for the year against the euro," they said.
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The euro breached $1.46 yesterday, hitting a nine-month high of $1.4613 as risk appetite increased, which typically leads to a weakened greenback.
During economic uncertainty, investors turn to the US $ for its safe haven status but when sentiment improves, they usually favour other high-yielding assets.
A weekly US government report that showed crude stocks fell by 5.9 million barrels last week, nearly four times more than expected, gave partial support to prices.