Oil prices were higher today as the dollar fell to its lowest level in more than a week. S&P global data showed US business activity cooled in April to a four month low on weaker demand. Investors are looking to the release later this week of U.S. first-quarter gross domestic product data as well as the March figures for personal consumption expenditures, the Fed’s preferred inflation gauge. “The market has been under pressure from little to no growth out of the euro zone, so anything showing improvement should be supportive,” said Andrew Lipow, president of Lipow Oil Associates. WTI traded up $1.46 or 1.8% to close at $83.36. Brent traded up $1.42 or 1.6% to close at $88.42.