Oil prices inched up in afternoon Asian trade as a weaker dollar outweighed a bleak US economic outlook, analysts said on Monday.

 New York’s main contract, light sweet crude for November delivery, rose 11 cents to USD 76.60 a barrel and Brent North Sea crude rose three cents to USD 78.90.

 A fall in the dollar’s value was supporting crude markets, said Ong Yi Ling, an investment analyst for Phillip Capital in Singapore.

 “For today, we’re still looking at the effects of a weaker dollar,” she said.

 “Due to the dollar weakness, commodities such as crude will benefit.”

 The euro dipped to USD 1.3470 in afternoon Asian trade compared with 1.3488 on Friday in New York.

 However, it is still up from USD 1.3312 on Thursday in Asia.

 A weakened greenback makes dollar-priced crude more attractive to investors using other currencies.