Oil prices rallied this evening as traders took their cue from the falling US dollar after recent sharp losses.

Oil prices were also lifted by the prospect of another fierce snowstorm in the US's north-eastern region, which would boost heating fuel demand.

US crude jumped $1.60 to $73.49 a barrel, while London's Brent crude also added $1.60 to $71.71.
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The euro jumped back above $1.38 today on intense speculation the EU will help Greece resolve its fiscal crisis after many investors had bet against the currency in recent weeks, dealers.

A weaker US currency tends to boost dollar-priced oil because the commodity becomes cheaper for buyers using stronger currencies.