Oil Prices Rise Above $80 a Barrel

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The price of oil has hit another milestone, crossing $80 a barrel Tuesday.

It fell dramatically during the recent recession.

One reason the price of oil is going up is because the value of the dollar is going down.

Oil is priced in dollars and the dollar has been steadily falling in recent months.

Some analysts expect oil prices to fall back in the next few months or so, but others say that in the longer term, the price of oil will still go higher.

JBC Energy in Vienna said the break above $80 was "in line with gains in equities and a dollar loss."

"However, we see little support for the rally, which is now eight days old, and think that at some point OPEC spare capacity of about 6 million barrels and massive on- and offshore stocks - to mention just a few of the bearish items - will trigger a correction phase," JBC said in a report.

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