Wednesday, September 09, 2009 NEW YORK: Oil prices jumped Tuesday ahead of OPEC talks on the back of buoyant gold demand, a weakening US dollar and confidence that the global economy will recover from a sharp downturn. Comments by oil kingpin Saudi Arabia that the crude market was "very stable and healthy" were also seen providing support for prices, analysts said. New York's main contract, light sweet crude for October delivery, jumped 3.08 dollars from last Friday's close to end at 71.01 dollars. London's Brent North Sea crude for October climbed 2.89 dollars to 69.42 dollars."A weak dollar spreads the idea that oil can be a hedge against the dollar (and) we're talking about stronger economic performance now and oil is one of the commodities that benefits from that," said Bart Melek of BMO Capital Markets. "The dollar is certainly a big factor," Melek said. A weaker dollar makes dollar-priced oil cheaper for buyers using stronger currenci...
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