Oil prices reach one-year high

The dollar index, which measures the greenback again six major currencies, fell to its lowest since August 2008. Asian stock markets gained, extending increases in U.S. equities, and raising expectations fuel demand will increase as the global recession ends.

Crude oil for November delivery rose as much as 44 cents, or 0.6 percent, to $80.05 a barrel in electronic trading on the New York Mercantile Exchange, the first time the front-month contract has traded above $80 since Oct. 14, 2008. It was at $79.92 a barrel at 11:51 a.m. Singapore time. Prices settled at $79.61 yesterday, the highest close since Oct. 13, 2008.

The November contract expires today. The more actively traded December contract was at $80.24 a barrel, up 28 cents. Oil is set to close higher for a ninth straight day, the longest streak since July 27.

Oil advanced 1.4 percent yesterday as U.S. stocks climbed on better-than-estimated earnings and speculation the economy is healthy enough for policy makers to unwind efforts to shore up the financial system.