Oil ends close to $80 mark
Crude prices turn higher, joining stocks in a Monday rally.
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| Click the chart to view other commodity prices. |
NEW YORK (CNNMoney.com) -- Oil prices rallied Monday, settling at their highest level in over a year and within a few cents of the $80-a-barrel mark.
Crude for November delivery ended at $79.61, up $1.08, and just 8 cents below the high for the day. It was the highest close for oil since Oct. 13, 2008, when it settled at $81.19 a barrel.
The rally coincided with gains in U.S. stocks, with the Dow Jones industrial average up about 100 points around the time of the market settlement.
Oil also rose amid new weakness in the dollar, which fell against major currencies. Since oil is priced in dollars, it goes up when the dollar is weak.
Analysts have questioned whether oil's recent rally is justified. While prices last week moved in tandem with factors such as the Dow (INDU) crossing the psychological level of 10,000, crude market fundamentals remain weak. Supplies in the U.S. have continued to climb while demand remains unclear pending a broader economic recovery.
The national average price for a gallon of regular unleaded gasoline increased to $2.564, up 1.7 cents from the previous day's $2.547, according to a daily survey conducted for motorist group AAA. 
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