LONDON, May 18: New York oil prices surged back above $100 per barrel on Wednesday, as traders reacted to the weak dollar and the latest snapshot of crude stockpiles in the United States.

New York's main contract, light sweet crude for June, soared $3.48 to $100.39 per barrel, topping the $100 barrier for the first time since Friday.

And Brent North Sea crude for delivery in July leapt $2.54 to $112.53 a barrel in late afternoon London deals.

“Oil prices have rebounded as the US dollar has weakened, aided by ... inventory data from the US Department of Energy,” said CMC Markets analyst Michael Hewson.

A falling greenback makes dollar-priced commodities cheaper for buyers using stronger currencies, which tends to boost demand.

The oil market also won support after the US government's Department of Energy (DoE) announced on Wednesday that American crude stockpiles had failed to rise as expected in the week ending May 13.

American crude stockpiles steadied last week, bucking forecasts for a rise of 700,000 barrels, according to analysts polled by Dow Jones Newswires. The DoE added that distillates, including diesel and heating fuel, tumbled by 1.2 million barrels.—AFP