World oil prices rose further today, mirroring rebounding global stock markets, as hopes grew for a potential EU bailout of debt-ridden Greece.
New York's main futures contract, light sweet crude for delivery in March, won 53 cents to $74.28 a barrel, after soaring by $1.86 yesterday. Brent North Sea crude for March delivery added 26 cents to $72.38 this evening, after climbing $2.02 yesterday.
Crude futures had rebounded yesterday as the dollar weakened against the euro on whetted risk appetite, making crude cheaper for buyers using stronger currencies.
Euro zone finance ministers confered by telephone on the Greek economic crisis today, as plans to help Athens out of its budget crisis were being drawn up. Greece's European partners will also convene at a summit in Brussels tomorrow.
The OPEC oil producers' cartel, meanwhile, held its forecast for modest growth in world oil demand this year, but warned the slow pace of economic recovery was clouding the outlook.
'The slow pace of the recovery in the world economy in 2010 is putting pressure on oil demand,' the Organisation of Petroleum Exporting Countries said in its February report.
'As a result, US demand is a key uncertainty for this year. Non-OECD regions will be the sole contributors to global demand growth in 2010,' it added.
World oil demand in 2010 was forecast to grow by 0.8 million barrels per day (bpd) to average 85.1 million bpd, in line with previous forecasts, the report said.
Across the Atlantic, meanwhile, traders were keeping a keen eye on another cold snap - which usually ramp up demand for heating fuel. The US Department of Energy's weekly petroleum inventories report, usually published on Wednesdays, had been delayed by the weather and will be released on Friday.
