Oil prices rose in Asian trade on Wednesday as traders took advantage of a weakening dollar to snap up crude futures, analysts said.

New York’s main contract, light sweet crude for delivery in November, gained 38 cents to USD 82.05 a barrel.

Brent North Sea crude for November delivery advanced 25 cents to USD 83.75. A falling US currency was enticing traders to buy dollar-priced crude, said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.

“I think that crude oil will continue to take its cue from the US dollar and further dollar weakness will be beneficial for crude oil,” she said.

A slump in the greenback’s value makes dollar-priced crude more attractive to buyers using other currencies.

The euro bought USD 1.3960 in early Asian trade, gaining from USD 1.3876 late on Tuesday in New York.

World oil prices had slid on Tuesday, ahead of a meeting of the OPEC production cartel this week, after dominant player Saudi Arabia expressed happiness with current price levels.

Ong said she was confident oil prices would be well-supported at current levels after breaking past USD 80 last week. “As long as it maintains at this level, I’m a bit bullish on crude,” she said.