Oil prices hit $82 yesterday on buoyant market sentiment, a weak dollar and hurricane concerns in the US Gulf of Mexico, analysts said.

New York’s main contract, light sweet crude for delivery in September, gained 55 cents to $81.89 a barrel, after earlier rising as high as $82.47 for the best level since early May. Brent North Sea crude for September jumped $1.24 to $82.06 in afternoon London deals.

Oil hit $81 on Monday, with sentiment boosted by soaring global stock markets, strong bank results and solid US economic data.

Further support came from the weak US currency, which makes dollar-priced commodities cheaper for buyers using stronger currencies and therefore tends to stimulate demand.

Prices also strengthened on fears about the ongoing hurricane season in the Gulf of Mexico, where many US energy installations are based.

“The combination of bullish stocks, a weak dollar and most notably the hurricane season has pushed the price of oil over $81 a barrel,” said analyst Rebecca Seabury at the Inenco energy consultancy in London.

“In the short term, the hurricane season is likely to continue spurring on bullish sentiment in the oil market as potential storms threaten US and Mexican infrastructure.