AP -- Oil prices rose to just below $80 a barrel Monday after a three-week rally, as investors expect the U.S. central bank to keep interest rates near zero to help fuel economic growth -- which would boost crude consumption.

By early afternoon in Europe, benchmark crude for March delivery was up 10 cents to $79.91 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 75 cents to settle at $79.81 a barrel on Friday.

Prices were mimicking changes in the dollar's exchange rate. The dollar makes oil less attractive to investors holding other currencies when it strengthens and makes crude cheaper for them when it weakens.

The euro was up to $1.3610 from $1.3599 in late New York trading Friday, but below its session high of $1.3652, which was reflected in a peak oil price of $80.51.

Investors are betting that a low inflation rate and weak employment figures will lead the Federal Reserve to keep interest rates low.