Oil prices rose today for the first time in three sessions, bouncing with stock markets and supported by a weaker US dollar as concerns over the European banking system eased.
US crude rose 87 cents to $74.96 a barrel, while Brent gained 73 cents to $78.47, having earlier hit a one-month high of $78.85.
The premium for Brent crude to the US contract has widened recently due to high levels of inventories in the US.
A raised forecast for 2010 global oil demand and lowered forecast for non-OPEC crude oil production growth in 2010, both issued by the US Energy Information Administration earlier, added to the bullish sentiment.
