Oil rose in price to a six-month high on Tuesday.
US crude settled up 35 cents to $US58.85 per barrel after earlier reaching $US60.08 - its highest level since November. London Brent crude rose 46 cents, to $US57.94 per barrel.
The U.S. dollar is at a four-month low against a basket of world currencies.
Oil futures are priced in dollars and often rise if the US currency weakens.
Oil previiously reached a record high of $US147.27 per barrel on 11 July 2008, as the economic crisis hits demand.
But a recent rally in equities has helped lift prices from below $US34 per barrel in February.