NEW YORK, Feb. 16 (Xinhua) -- Oil prices rallied nearly four percent on Tuesday as the dollar weakened against major currencies and Iran tension weighed on the market.
Trading volumes were light as U.S. markets reopened after Monday's President Day holiday and many markets in Asia are still closed for the Lunar New Year holiday.
The dollar tumbled on Tuesday against the euro and the pound as upbeat corporate earnings and a strong New York area manufacturing report helped offset debt worries in Europe.
Meanwhile, geopolitical factors still weighed on the market. Iranian President Mahmoud Ahmadinejad said talks were still going on over a proposed nuclear fuel swap and any country that tried to impose new sanctions on Iran would regret its actions. Western nations have called for sanctions if Iran does not stop its nuclear activities.
Light, sweet crude for March delivery gained 2.88 U.S. dollars to settle at 77.01 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for April settlement rallied 2.79 dollars to 75.69 dollars a barrel on the ICE Futures Exchange.
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