Following weak US dollar and oil, and a healthy buying interest due to the bargaining sought by investors, the oil price increased above $72 a barrel on Tuesday. Recently high 8-1/2 month against the euro, the U. S. dollar fell on market assumption that for struggling Greece, the bailout would organized soon.

In March according to the New York Mercantile Exchange, sweet crude futures for delivery traded at $71.73 a barrel at 0557 GMT, dipped as compared to $0.16 in the Globex electronic session. On London's ICE Futures exchange, March Brent crude reduced $0.12 to $69.99 a barrel. After hitting an earlier high of $71.04 a barrel, ICE Brent crude increased 43% to $70.54.

As dollar falls, there is an expected rise in oil prices because this makes it cheaper for non-dollar buyers. Investors are encouraged for bending towards investments in commodity following the limitations of the dollar. Also the National Weather Service intimated on Monday, "Snowy conditions in the key U. S. northeast coast are expected to boost demand for heating oil by 11.5 percent above normal this week".