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LONDON, KOMPAS.com - Oil prices bounced back above 81 dollars on Monday (22.3.2010), as the U.S. currency weakened against the euro. New York's main contract, light sweet crude for April delivery, rose 42 cents to 81.10 U.S. dollars per batrel.

Oil Brent North Sea crude for delivery may also rose 42 cents to reach 80.30 dollars per baerel in late London trade.

Oil prices have fallen below 80 U.S. dollar in early Monday as the U.S. dollar strengthened, traders said.

Units of a stronger U.S. crude oil makes the U.S. dollar-denominated more expensive for buyers using weaker currencies and therefore tends to reduce demand and oil prices. But on the other hand, tends to strengthen as the U.S. dollar weakened against its competitors.

Euro rises against U.S. dollar in late European deals on Monday despite uncertainty over the outcome of the Greek public finance crisis that has rocked the widespread belief in Europe as a whole.

In afternoon trading in London today, the European single currency rose to 1.3561 dollars compared with 1.3530 dollars late Friday.