Stock Market

Oil prices rose to near $70 a barrel Tuesday, buoyed by rising stock markets and investor interest in commodities as the U.S. dollar lost ground against other currencies.

By early afternoon in Europe, benchmark crude for October delivery was up $1.79 to $69.81 a barrel in electronic trading on the New York Mercantile Exchange.

Trading was closed Monday in the U.S. for the Labor Day holiday, so the contract last settled on Friday at $68.02 after rising 6 cents.

Oil traders often look to stocks for signs of overall investor confidence. Most major Asian and European stock indexes rose Tuesday while the Dow Jones industrial average climbed 1 percent on Friday.

Gains by the euro and the British pound against the dollar also helped boost oil prices, as investors often turn to commodities as a hedge against inflation and dollar weakness.

The euro rose to $1.4479 from $1.4330 late Monday in Frankfurt, while the British pound rose to $1.6556 from $1.6350.