Oil prices hit a fresh 18-month high this evening as upbeat US economic data prompted fresh buying at the start of the new financial quarter.
US crude climbed $1.46 to hit $85.22 a barrel, the highest price since October 2008, before slipping back to around $85. London Brent climbed $1.63 to a high of $84.33 before easing a little to trade around $84.10.
Prices were up for a fourth consecutive session as traders saw the improving outlook on economic recovery as a sign of better oil demand ahead.
The dollar also fell against a basket of currencies, a factor that usually encourages commodities buying.
Oil markets have ignored Wednesday's US government report of the ninth consecutive weekly rise in US crude stockpiles, and a surprise, if small, rise in petrol supplies. An increase in stockpiles is usually an indicator of weaker demand.
