NEW YORK: Crude oil prices rose Wednesday as investors cashed in on a weakening US dollar and a mixed report on energy stockpiles in the United States, the world's biggest energy-consuming nation.

New York's main contract, light sweet crude for September delivery, climbed 55 cents from Tuesday's closing price to end at 71.97 dollars a barrel.

In London, Brent North Sea crude for September delivery jumped 1.23 dollars to 75.51 dollars to its the highest level since mid-October.

Analysts said the weakening of the dollar in recent days fueled the price rise.

Oil is priced in the US currency and becomes cheaper when the dollar falls.

The dollar is seen as a safe-haven currency and tends to do better during times of economic uncertainty, while the riskier euro has generally risen in recent weeks amid greater economic optimism.

"The dollar broke some technical levels and people are very excited and are rushing into commodities," said independent oil broker Ellis Eckland. LINK