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Oil hits three month high above $82

Oil prices - Rally continues
Oil prices - Rally continues

Oil prices pushed up to three-month highs above $82 a barrel this evening, supported by a weaker dollar which outweighed some weak US economic data.

US September crude futures rose 83 cents to $82.17 after hitting an intraday high of $82.59. The last time US crude traded above $82 was on May 5.

In London, Brent oil prices rose $1.60 to $82.42.

US crude futures have convincingly broken out and above the $70-$80 a barrel trading range this week, which it had been stuck in for most of the past three months. The move higher has prompted some further buying.