As the Dollar fell against Euro and a host of other currencies, following expectations that the Federal Reserve would elect to keep the interest rate at close to zero in order to invite riskier investments, the crude oil prices rose to $82 a barrel.

The Organization of Petroleum Exporting Countries (OPEC), which accounts for close to half the world's supply of petroleum, is scheduled for its first meeting of the year tomorrow but vibes are already being given about the outcome.

There will likely be no change in the output as most representatives of the OPEC members are in agreement that the present situation is perfectly balanced with the markets adequately supplied and the price in a reasonable range. The Saudi Oil Minister Ali Al-Naimi, Abdullah bin Hamad al- Attiyah of Qatar and Kuwait's oil minister Sheikh Ahmed al-Abdullah al-Sabah all endorsed this view in Vienna today.

The US Government report on oil inventories is likely to show an increase in the stock of crude oil by 1.05 million barrels in the week that ended March 12, from the 343 million the previous week.

John Kilduff, a partner at Round Earth Capital, a New York-based hedge fund gleefully stated, "It's a pretty good move down for the Dollar, and that's definitely getting things perked up".