08 March, 10
Oil prices rose above $82 (£54.15) a barrel today, an increase of 18 per cent since February 5th when investors became more confident an improvement in the economy would increase demand for oil.
The rise in prices is partly due to increased positivity about Greece's financial problems being solved, reports Bloomberg.
French president Nicolas Sarkozy said at the weekend that those countries using the euro would help Greece if the Greek government could not finance the country's deficit.
Andrey Kryuchenkov, an analyst with VTB Capital in London, said: "Economic sentiment is getting better with some supportive comments on the European debt situation."
However, MarketWatch has reported that analysts at Commerzbank AG told clients they "remain sceptical about the medium-term prospects of the oil price, since physical demand is recovering slower than expected".
Posted by Tammy Brooks
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