NYMEX Crude futures rose Thursday, supported by a weaker dollar, though soft US retail sales and jobs data prevented any major gains.

Light, sweet crude for September delivery settled up 36 cents, or 0.5%, at $70.52 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 59 cents, or 0.8%, higher at $73.48 a barrel.

The dollar has taken a leading role in directing oil prices, helping to keep them around $70 a barrel despite weak demand and rising inventories. Dollar-denominated oil becomes relatively cheap when the dollar weakens, making the commodity an effective hedge for investors.

The dollar is also used as a safe haven investment when the economic outlook is poor, and some funds have flowed out of the greenback as forecasts have brightened. The euro was recently trading at $1.4264, up from $1.4181 earlier in the day.

"As the dollar loses its purchasing power, the oil market automatically adjusts and crude oil prices rise," said Walter Zimmermann, analyst at United-ICAP. "Oil is unable to respond to the fundamental side if the dollar is lower."