Oil prices inched up above $85 a barrel this evening as the euro strengthened against the dollar and data showed a big jump in Chinese crude imports.
Euro zone finance ministers approved a giant €30 billion emergency aid mechanism for debt-stricken Greece on Sunday but stressed that Greece had not requested the plan be activated yet.
The news drove the euro to its highest level against the dollar in nearly a month. A weak dollar tends to support crude prices. US crude rose 28 cents to $85.20 a barrel, while London Brent crude rose 53 cents to $85.36.
Chinese crude imports jumped 13.8% from the previous month and reached 4.95 million barrels a day, preliminary data released by the General Administration of Customs showed..
