VIENNA — Oil prices rose above $71 a barrel today, helped by a jump in global stock markets and a weaker dollar, which increases the appeal of commodities to investors.

Benchmark crude for November delivery was up 79 cents at $71.20 by noon European electronic trading on the New York Mercantile Exchange. The contract gained 46 cents to settle at $70.41 Monday.

Oil has meandered near the $70 a barrel level for months as traders struggle to gauge how strongly the U.S. economy will recover.

Last week, poor jobs and manufacturing data undermined optimism, but on Monday, the Institute for Supply Management said its service index showed that sector grew in September for the first time since August 2008.