Oil fell near $81 a barrel on Monday as investors took profits from near-record highs of last week. But a weak dollar helped check losses sparked by worries of an economic slowdown in top consumer the United States.

U.S. crude lost 63 cents to $81.03 by 11:37 a.m. EDT, having sunk more than $1 to $80.59 in earlier trade. London Brent crude dropped $1.01 to $78.16.

Oil has surged more than 30 percent this year to an all-time high of $83.90 in late September on expectations of a supply shortfall in the fourth quarter as heating demand peaks.

A weaker dollar has also propped up oil and other commodities as they become cheaper for holders of other currencies. Gold hit a 28-year high on Monday, while platinum neared a record peak.

“The weaker dollar, for now, is the most consistent bullish theme that explains the incredible bullish momentum we are seeing in a variety of commodity complexes,” said Edward Meir at broker MF Global.

The dollar sank to a new low against the euro and a basket of currencies early on Monday, then rebounded as investors cashed in.

An Iranian oil official said on Sunday the price of U.S. crude could gain $10 from current levels by December if the dollar continued to weaken.

“If the value of the dollar continues to drop, the price of … WTI … will reach about $90 in three months,” said Hojjatollah Ghanimifard, international affairs director of the state-owned Iranian oil company.

Apart from a weak dollar, analysts said expectations of tightening fuel supplies heading into winter and the threat of supply disruptions due to hurricanes would also support prices in the near term.

The Organization of the Petroleum Exporting Countries agreed last month to boost production by 500,000 barrels per day (bpd) to soothe consumer concerns over high prices and tight supplies.

But oil has traded near $80 for the past three weeks and OPEC is reluctant to promise more oil just yet.

Qatar’s oil minister said on Monday that speculative cash flowing into oil from other assets was driving up the price.

“Our increase in output could not overcome the investment flow switch,” Abdullah al-Attiyah told Reuters. “Investors believe oil is safer than some others (assets).”

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