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Oil Prices Rebound


World oil prices rose in early trading Tuesday, ending a three-day slide.

The price of crude oil for future delivery gained 2.5 percent during trading in New York to more than $72 a barrel.

Oil industry analysts say the increase is due to renewed interest in oil, and other commodities, from investors who are worried about the declining value of the U.S. dollar.

The U.S. dollar lost value compared to other currencies Tuesday after Russian President Dmitri Medvedev suggested the world should lessen its dependence on the dollar, which many countries use to pay off their debts.

Oil prices have more than doubled since the beginning of this year as investors have grown increasing optimistic that the world will eventually pull out of recession, causing demand for oil to increase.

Still, oil is trading far below the all-time high of $147 a barrel set last July.

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