Oil prices soared above $80 per barrel in New York for the first time since October last year owing to weaker dollar and positive outlook for the global economic recovery. The US dollar fell to hit a 14-month low against the Euro.

The US dollar was trading at $1.4994 against Euro, representing the weakest value since Aug. last year.

Crude oil for November delivery jumped about 0.6 per cent to settle at $80.05 per barrel in the NYSE trading.

Investment adviser Mike Sander of Sander Capital, said, "A robust economic outlook on the back of a weak dollar is helping to boost the stock market and in turn, both factors are supporting higher oil prices."

According to many experts, oil prices may touch $90 per barrel mark in the approaching months. This year so far, oil prices have already edged up 79 per cent from a year earlier.

The MSCI Asia Pacific Index soared 1 per cent to 121.64 at 2:30 p. m. in Tokyo.