Crude oil prices are up for a fourth straight session, recovering more of a sharp slump earlier this month, amid turmoil in the Middle East that could hinder supplies. A weaker U.S. dollar also added to the hedge value of commodities.
Light sweet crude for February rose to $78.84 per barrel, up 79 cents on the session. Prices earlier hit as high as $79.12.
At least 15 people have been killed as anti-government protesters swarmed the streets of cities across Iran and fought security forces. Meanwhile, airline safety worries have increased following an attempted terrorist attack on Friday involving a Nigerian citizen with alleged al-Qaeda ties.
The dollar slipped toward a 12-day low versus the euro, falling below $1.44 and moving further off the 3 1/2-month high from last week. The buck also drifted lower versus the pound.
There is no major economic news on the calendar this morning. On Tuesday, the Conference Board's consumer confidence report is due, while Wednesday will bring Chicago PMI data.
Last week, oil added $3.63 per barrel. Oil soared $2.27 per ounce on Wednesday after the Energy Information Administration reported crude oil inventories decreased by 4.9 million barrels in the week ended December 18. Gasoline inventories decreased by 900,000 barrels.
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